Kenneth Mr. Vercammen was included in the 2017 “Super Lawyers” list published by Thomson Reuters.

To schedule a confidential consultation, email us at VercammenAppointments@NJlaws.com, call or visit www.njlaws.com

(732) 572-0500

Monday, December 26, 2011

DANIEL SCHULMANN, ET AL. VS. DIRECTOR, NEW JERSEY DIVISION, NEW JERSEY DIVISION OF TAXATION A-2089-10T3

DANIEL SCHULMANN, ET AL. VS. DIRECTOR, NEW JERSEY           DIVISION, NEW JERSEY DIVISION OF TAXATION           A-2089-10T3 

The taxpayer used his personal funds to pay commissions owed by two S corporations. He and his wife then deducted the commission expenses from the S corporation income that they reported on their personal income tax returns. Affirming the reported opinion of the Tax Court, we held that the taxpayer could not disregard the corporate form by taking personal deductions for paying corporate obligations. The attempted deductions also violated the rule against "cross-netting" of losses, as set forth in N.J.S.A. 54A:5-2. 12-06-11

page3image19208
page3image19480
page3image19752
page3image20024
page3image20296