New Jersey Tax Court invalidates partnership regulations

In Sabino v. Director, Division of Taxation (1995), the New Jersey Tax Court held that the appropriate standard for determining the deductibility of partnership expenses is whether they were paid or incurred in the conduct of the business, profession, or other activity of the partnership. Applying t...

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Bibliographic Details
Published in:	The CPA journal (1975) Vol. 65; no. 7; p. 62
Main Authors:	Rothstein, Jack, Hadjiparaskevas, John
Format:	Journal Article
Language:	English
Published:	New York New York State Society of Certified Public Accountants 01-07-1995
Subjects:	Donations Income taxes Partnership agreements Partnership allocations Partnership interest State court decisions Tax courts Tax deductions Tax planning Taxation United States > US New Jersey
Online Access:	Get full text
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Summary:	In Sabino v. Director, Division of Taxation (1995), the New Jersey Tax Court held that the appropriate standard for determining the deductibility of partnership expenses is whether they were paid or incurred in the conduct of the business, profession, or other activity of the partnership. Applying this standard, the court found that a partner was entitled to deduct his distributive share of charitable contributions made by the partnership as well as his unreimbursed expenses incurred in the conduct of the partnership's business in computing his distributive share of partnership income.
ISSN:	0732-8435