NJ Justices Nix Tax Deduction For Bad Nonbusiness Loan

NJ Justices Nix Tax Deduction For Bad Nonbusiness Loan

The New Jersey Supreme Court on Tuesday held that worthless nonbusiness debt owed to a taxpayer was not deductible under the state's Gross Income Tax Act, leaving the plaintiffs with a $2 million tax bill because of the improper deduction. ...read more

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