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SMITH v. DIRECTOR, DIV. OF TAXATION

8 N.J. Tax 319 (1986)

LAYTON F. AND JOAN SMITH, PLAINTIFFS-RESPONDENTS, v. DIRECTOR, DIVISION OF TAXATION, DEFENDANT-APPELLANT. ROGER AND LISA GEISSLER, PLAINTIFFS-RESPONDENTS, v. DIRECTOR, DIVISION OF TAXATION, DEFENDANT-APPELLANT.

Superior Court of New Jersey, Appellate Division.

Decided March 3, 1986.

Attorney(s) appearing for the Case

Mary R. Hamill, Deputy Attorney General, argued the cause for appellant (W. Cary Edwards, Attorney General, attorney; Mary R. Hamill on the brief).

Jeffrey M. Schwartz argued the cause for respondents (Clapp & Eisenberg, attorneys; Jeffrey M. Schwartz on the brief).

Before Judges ANTELL, SHEBELL and MATTHEWS.

PER CURIAM.

Plaintiffs are members of partnerships which trade in securities and which in the ordinary course of business produce among other kinds of income, dividends, net gains from the disposition of property and non-taxable income related to federal obligations.

Plaintiffs are taxed on their distributive share of partnership income. The statutory term "distributive share of partnership income" as set forth in N.J.S.A. 54A:5-1k is not defined in...

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