Legal Opinion
Walsh v. Director, Division of Taxation
New Jersey Tax Court
Decided February 2, 1982PublishedCited by 6 opinions
1Opinion of the Court
RIMM, J. T. C.
This is a matter under N.J.S.A. 54A:1-1 et seq., the New Jersey Gross Income Tax Act, in which taxpayers seek to set aside an assessment made by defendant in the amount of $496.12 for the tax year 1977. In addition, there was a penalty of $24.81 and interest in the amount of $105.17.
*109The dispute between the parties involves the deductibility of interest expense incurred by taxpayers in connection with a margin account they maintained during the tax year for the purchase of securities. Taxpayers urge two arguments for deductibility of such interest expense: (1) the purchase and…
2Cases cited11 opinions
- Lehnhausen v. Lake Shore Auto Parts Co.Supreme Court of the United States · 1973
- Higgins v. CommissionerSupreme Court of the United States · 1941
- Whipple v. CommissionerSupreme Court of the United States · 1963
- Peper v. Princeton University Board of TrusteesSupreme Court of New Jersey · 1978
- Ralph E. Purvis and Patricia Lee Purvis, His Wife v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1976
6 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Smith v. Director, Division of TaxationSupreme Court of New Jersey · 1987
- Vinnik v. Director, Division of TaxationNew Jersey Tax Court · 1992
- Applestein v. Director, Division of TaxationNew Jersey Tax Court · 1982
- Marrinan v. Division of Taxation, DirectorNew Jersey Tax Court · 1989
- Miller v. Director, Division of TaxationNew Jersey Tax Court · 1983
1 more not listed; retrieve them via the Exa API.