LAYTON F. AND JOAN SMITH, PLAINTIFFS-RESPONDENTS,
v.
DIRECTOR, DIVISION OF TAXATION, DEFENDANT-APPELLANT.
ROGER AND LISA GEISSLER, PLAINTIFFS-RESPONDENTS,
v.
DIRECTOR, DIVISION OF TAXATION, DEFENDANT-APPELLANT.
The Supreme Court of New Jersey.https://leagle.com/images/logo.png
Argued January 6, 1987.
Decided July 2, 1987.
Attorney(s) appearing for the Case
Mary R. Hamill, Deputy Attorney General, argued the cause for appellant (W. Cary Edwards, Attorney General of New Jersey, attorney; James J. Ciancia, Assistant Attorney General, attorney).
Jeffrey M. Schwartz argued the cause for respondents (Clapp & Eisenberg, attorneys; Jeffrey Schartz and Arnold K. Mytelka, on the briefs).
The Supreme Court of New Jersey.
The opinion of the Court was delivered by GARIBALDI, J.
The issue in these cases is the proper method of taxing a partner on his or her "distributive share of partnership income" under the New Jersey Gross Income Tax Act, N.J.S.A. 54A:1-1 to 54A:10-12 (the "Act"). Specifically, we must determine whether all partnership income realized in the ordinary course of the business of a partnership actively engaged in the securities...
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