Reck v. Director, Division of Taxation

KUSKIN, J.T.C.

Plaintiffs, John and Barbara Reck, appeal the disallowance by defendant, Director of the New Jersey Division of Taxation (“Director”), of the following deductions taken by them on their 1992 and 1993 New Jersey gross income tax returns in calculating Mr. Reek’s distributive share of partnership income: a) the deduction of payments made on Mr. Reek’s behalf, by the partnership of which he was a member, to the partnership’s Keogh Plan; and b) *600the deduction of payments by the partnership of interest on loans negotiated for Mr. Reck by the partnership, the proceeds of which were…