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ACIU v. DIRECTOR, DIV. OF TAXATION

No. 020999-2010.

26 N.J.Tax 532 (2012)

EMILIA A. ACIU, PLAINTIFF, v. DIRECTOR, DIVISION OF TAXATION, DEFENDANT.

Tax Court of New Jersey.

October 9, 2012.

Attorney(s) appearing for the Case

James B. Evans, Jr. for plaintiff (Kulzer & DiPadova, P.A. attorneys).

Ramanjit K. Chawla for defendant ( Jeffrey S. Chiesa , Attorney General of New Jersey, attorney).

MENYUK, J.T.C.

This constitutes the court's decision on the parties' cross-motions for summary judgment in this matter. At issue is whether defendant Director, Division of Taxation, properly denied a refund of gross income taxes claimed on account of an exclusion of fifty percent of the capital gain on the sale of certain qualified small business stock. The exclusion is expressly permitted by federal tax law, namely, I.R.C. § 1202.

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