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KOCH v. DIRECTOR, DIV. OF TAXATION

722 A.2d 918 (1999)

157 N.J. 1

Sidney KOCH and Dorothy Koch, Plaintiffs-Appellants, v. DIRECTOR, DIVISION OF TAXATION, Defendant-Respondent.

Supreme Court of New Jersey.

Decided January 14, 1999.

Attorney(s) appearing for the Case

Howard M. Soloman, Philadelphia, PA, and Harold Leib, Clifton, for plaintiffs-appellants (Harold Leib & Associates, attorneys; Mr. Leib, Mr. Soloman, Elisa Leib and Robert C. Hess, Clifton, on the briefs).

Patrick DeAlmeida, Deputy Attorney General, for defendant-respondent (Peter Verniero, Attorney General of New Jersey, attorney; Joseph L. Yannotti, Assistant Attorney General, of counsel; Joseph W. Fogelson, Deputy Attorney General, on the brief).

Robert J. Holtz, a member of the Pennsylvania bar, for amici curiae The National Realty Committee, The New Jersey Apartment Association and The New Jersey Chapter of the National Association of Industrial and Office Properties (Archer & Greiner, attorneys; Mr. Holtz, John C. Connell and Steven K. Mignogna, Haddonfield, on the brief).

The opinion of the Court was delivered by GARIBALDI, J.

This appeal involves the tax treatment under the New Jersey Gross Income Tax Act, N.J.S.A. 54A:1-1 to 10-12 (the "Act"), of a taxpayer's gain realized from the sale of his partnership interest. The primary issue concerns the proper method for calculating a taxpayer's cost basis for a partnership interest and, specifically, whether that cost basis should be the...

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