HOPKINS, J.T.C.
This is an appeal from a determination of the Director of the Division of Taxation that plaintiffs are liable for additional taxes, as provided by the New Jersey Gross Income Tax Act, N.J.S.A. 54A:1-1 et seq., for the tax year 1976, in the amount of $4,040.35, together with penalty of $200.72 and interest of $602.15.
Plaintiff taxpayers contend that defendant Director erred in taxing income realized on Edward L. McMenamy's exercise...
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