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COLONIAL TRUST III v. DIRECTOR, DIV. OF TAXATION

16 N.J. Tax 385 (1997)

COLONIAL TRUST III, AND INVESTMENT COMPANY INSTITUTE, PLAINTIFFS, v. DIRECTOR, DIVISION OF TAXATION, DEFENDANT.

Tax Court of New Jersey

February 21, 1997

Attorney(s) appearing for the Case

Robert J. Alter for plaintiff (Sills, Cummis, Zuckerman, Radin, Tischman, Epstein & Gross, attorneys).

James R. Atwood, admitted pro hac vice for plaintiff (Covington & Burling, attorneys).

Joseph Fogelson for defendant (Peter Verniero, Attorney General of New Jersey, attorney).

DOUGHERTY, J.T.C.

N.J.S.A. 54A:6-14.1 is interpreted by the Division of Taxation to require shareholders of "non-qualified" investment funds to characterize the annual cash distributions they receive from their funds as "dividend" distributions. N.J.S.A. 54A:5-1f provides that dividend distributions are included in a taxpayer's gross income if they are paid out of current or accumulated earnings and profits...

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