WALSH, v. STATE, DEPT. OF TREASURY


240 N.J. Super. 42 (1990)

572 A.2d 222

FRANK E. WALSH AND MARY D. WALSH, PLAINTIFFS-RESPONDENTS, v. STATE OF NEW JERSEY, DEPARTMENT OF THE TREASURY, DIVISION OF TAXATION, DEFENDANT-APPELLANT.

Superior Court of New Jersey, Appellate Division.

Decided April 10, 1990.


Attorney(s) appearing for the Case

Jeanne E. Gorrissen, Deputy Attorney General, argued the cause for appellant (Robert J. Del Tufo, Attorney General of New Jersey, attorney; Mary C. Jacobson, Deputy Attorney General, of counsel; Jeanne E. Gorrissen, on the brief).

John L. Berger argued the cause for respondents (Lowenstein, Sandler, Kohl, Fisher & Boylan, attorneys; Benedict M. Kohl and John L. Berger, on the brief).

Before Judges PRESSLER, LONG and LANDAU.


PER CURIAM.

The judgment of the Tax Court setting aside the deficiency assessment of the Division of Taxation is affirmed, to the extent the assessment was based on plaintiffs' realization of capital gains from their sale of stock in Subchapter S corporations, substantially for the reasons stated by Judge Lasser in his opinion reported at 10 N.J.Tax 447 (Tax Ct. 1989). Since the parties agree that the deficiency assessment is...

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