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SMITH v. TAXATION DIV. DIRECTOR

7 N.J. Tax 187 (1984)

LAYTON F. AND JOAN SMITH, PLAINTIFFS, v. DIRECTOR, DIVISION OF TAXATION, DEFENDANT.

Tax Court of New Jersey.

December 11, 1984.

Attorney(s) appearing for the Case

Jeffrey M. Schwartz for plaintiffs (Clapp & Eisenberg, attorneys).

Mary R. Hamill for defendant (Irwin I. Kimmelman, Atty. Gen. of New Jersey, attorney).

CRABTREE, J.T.C.

This is a gross income tax case wherein plaintiffs challenge defendant's determination of their tax liability for the year 1976. At issue is the proper construction of the New Jersey Gross Income Tax Act, N.J.S.A. 54:1-1, et seq. (the act), as applied to individuals actively engaged in the securities business conducted in partnership form. The first question is whether business expenses incurred by the partnership, which are related...

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