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WAKSAL v. DIRECTOR, DIV. OF TAX.

A-103-11 September Term 2011, 069599

71 A.3d 878 (2013)

215 N.J. 224

Harlan W. WAKSAL and Carol Waksal, Plaintiffs-Appellants, v. DIRECTOR, DIVISION OF TAXATION, Defendant-Respondent.

Supreme Court of New Jersey.

Decided August 13, 2013.

Attorney(s) appearing for the Case

R. James Kravitz argued the cause for appellants (Fox Rothschild, attorneys; Jonathan D. Weiner and Steven C. Levitt , of counsel; Mr. Weiner, Mr. Levitt, Wendy Wolff Herbert, and Abbey True Harris, Lawrenceville, on the briefs).

Lewis A. Scheindlin , Assistant Attorney General, argued the cause for respondent ( Jeffrey S. Chiesa , Attorney General of New Jersey, attorney; Ramanjit K. Chawla , Deputy Attorney General, on the letter briefs).

Justice PATTERSON delivered the opinion of the Court.

In this tax appeal, the Court considers the deductibility of a worthless nonbusiness debt under a provision of the New Jersey Gross Income Tax Act, N.J.S.A. 54A:1-1 to 10-12 (the Act). This case arose from a dispute about such a deduction in the 2004 New Jersey income tax return filed by plaintiffs Harlan W. Waksal and Carol Waksal (the Waksals). In their New Jersey income tax return, as in their federal...

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