Pursuant to New Jersey's short-lived tax on capital gains and other unearned income, defendant assessed a tax against plaintiffs based upon their capital gain of $144,750. The statute creating this tax was adopted August 5, 1975 and was first applicable to 1975 unearned income. N.J.S.A. 54:8B-1 et seq. The tax was repealed effective July 1, 1976 by enactment of the New Jersey Gross Income Tax...
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