Aciu v. Director

MENYUK, J.T.C.

This constitutes the court’s decision on the parties’ cross-motions for summary judgment in this matter. At issue is whether defendant Director, Division of Taxation, properly denied a refund of gross income taxes claimed on account of an exclusion of fifty percent of the capital gain on the sale of certain qualified small business stock. The exclusion is expressly permitted by federal tax law, namely, I.R.C. § 1202.

*534The facts are as follows. Plaintiff was a resident of New Jersey during all of calendar year 2008. According to plaintiffs certification, as clarified with counsel…