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SIDMAN v. DIRECTOR, DIV. OF TAXATION

18 N.J. Tax 636 (2000)

DAVID SIDMAN AND CAROL SIDMAN, PLAINTIFFS, v. DIRECTOR, DIVISION OF TAXATION, DEFENDANT.

Tax Court of New Jersey

April 24, 2000.

Attorney(s) appearing for the Case

Jerry N. Friedland for plaintiffs. Hugh Janow, of the New York Bar, admitted pro hac vice, argued for plaintiffs.

Gail L. Menyuk for defendant (John J. Farmer, Jr., Attorney General of New Jersey, attorney).

SMALL, J.T.C.

The issue to be decided in this case is whether, in calculating taxable income under the Gross Income Tax Act (the "GIT"), N.J.S.A. 54A:1-1 to : 10-12, a taxpayer may deduct interest on a loan, the proceeds of which were used to purchase shares in a New Jersey subchapter S corporation, from his pro rata share of the S corporation's income. N.J.S.A. 54A:2-1 and :5-1p. I have concluded, based on the analysis which follows, that such...

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