A Difficult Time For NJ Division Of Taxation

Law360, New York (March 12, 2014, 1:24 PM EDT) -- A New Jersey appellate court recently heard oral argument in BIS LP Inc. v. Director, Division of Taxation, which is the lead case addressing the issue of whether a corporate limited partner is taxable on its distributive share of income from a partnership doing business in New Jersey.

The court seemed skeptical of the Division of Taxation’s arguments, suggesting that the division will have a difficult time prevailing at this level. Meanwhile, the division has a new voluntary disclosure initiative for partnerships and partners that runs...
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