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WALSH v. STATE, DEPT. OF TREASURY, DIV. OF TAXATION

10 N.J. Tax 447 (1989)

FRANK E. WALSH, JR. AND MARY D. WALSH, PLAINTIFFS, v. STATE OF NEW JERSEY, DEPARTMENT OF THE TREASURY, DIVISION OF TAXATION, DEFENDANT.

Tax Court of New Jersey.

May 24, 1989.

Attorney(s) appearing for the Case

Benedict M. Kohl and John L. Berger for plaintiffs (Lowenstein, Sandler, Kohl, Fisher & Boylan, attorneys).

Jeanne E. Gorrissen for defendant (Peter N. Perretti, Jr., Attorney General of New Jersey, attorney).

LASSER, P.J.T.C.

This case involves the New Jersey gross income tax treatment of taxpayers' capital gains realized from the sale of their stock in three Subchapter S corporations,1 specifically whether taxpayers' cost basis, unreduced by corporate losses, or taxpayers' federal adjusted basis (cost reduced by S corporation losses) is to be used in the calculation of the gain. The issue arises...

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