New Jersey Entire Net Income Must Reflect ‘Attribute Reduction'

The Bloomberg BNA Tax Management Weekly State Tax Report filters through current state developments and analyzes those critical to multistate tax planning.

Robert Willens, president of Robert Willens LLC, examines MCI Commc'n Servs., Inc. v. Dir., Div. of Taxation, in which the New Jersey Tax Court rejected a taxpayer's argument that a reduction of its tax attributes resulting from “pushed-down” cancellation of indebtedness income in its consolidated return group should be ignored for state franchise tax purposes.