VASUDEV v. TAXATION DIV. DIR.


13 N.J. Tax 223 (1993)

JAGDISH VASUDEV, MONA VASUDEV, PLAINTIFFS, v. THE DIRECTOR, DIVISION OF TAXATION STATE OF NEW JERSEY, DEPARTMENT OF TREASURY, DEFENDANT.

Tax Court of New Jersey.

June 2, 1993.


Attorney(s) appearing for the Case

Kenneth J. Norcross for plaintiffs (Pitney, Hardin, Kipp & Szuch, attorneys; Kenneth J. Norcross, David P. Doyle and Douglas J. Vanderkooi on the brief).

Mary R. Hamill for defendant (Robert J. Del Tufo, Attorney General of New Jersey, attorney).


CRABTREE, J.T.C.

This is a gross income tax case wherein plaintiffs1 seek review of defendant's partial denial of their claim for refund of gross income tax for 1986.

The issues are:

1. Whether the amounts involved in the release of certain obligations constitute discharge of indebtedness income (DOI) or whether such amounts are includible in the amount realized upon the sale of certain real property in determining taxable...

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