New Jersey Entire Net Income Must Reflect ‘Attribute Reduction'

Daily Tax Report: State provides authoritative coverage of state and local tax developments across the 50 U.S. states and the District of Columbia, tracking legislative and regulatory updates,...

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.

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