The New Jersey Supreme Court term 2014 was a noteworthy one for tax, with practitioners benefiting from two instructive judicial opinions affecting the practice area.
Gross Income Tax
In Harlan W. Waksal and Carol Waksal v. Director, Division of Taxation, 215 N.J. 224 (Aug. 13, 2013), the Supreme Court in a unanimous opinion by Justice Patterson affirmed Appellate Division and Tax Court judgments which held that taxpayers are not entitled to deduct worthless nonbusiness debt owed to them under the New Jersey Gross Income Tax Act.
