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MARRINAN v. STATE, DIRECTOR, DIV. OF TAXATION

17 N.J. Tax 47 (1997)

JOHN C. MARRINAN AND EVELYN P. MARRINAN, PLAINTIFFS, v. STATE OF NEW JERSEY, DIRECTOR, DIVISION OF TAXATION, DEFENDANT.

Tax Court of New Jersey

September 4, 1997.

Attorney(s) appearing for the Case

Salvatore Salibello for plaintiff.

Patrick DeAlmeida for defendant (Peter Verniero, Attorney General of New Jersey, attorney).

KUSKIN, J.T.C.

I

The primary issue in this appeal is whether, under N.J.S.A. 54A:5-1(b) of the New Jersey Gross Income Tax Act, N.J.S.A. 54A:1-1 to 54A:9-27, an operating loss from a prior year may be carried over and deducted in calculating "net profits from business." N.J.S.A. 54A:5-1(b) provides:

New Jersey gross income shall consist of the following categories of income: ... b. Net profits from business. The net...

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