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Harlan W. Waksal v. Director, Div. of Taxation (A-103-11;

 Harlan W. Waksal v. Director, Div. of Taxation 
(A-103-11; 069599) 

In accordance with the plain language of N.J.S.A. 54A:5-1c, the worthless nonbusiness debt at issue is not a “sale, exchange or other disposition of property.” Section 5-1c does not integrate into the Act every provision of the Internal Revenue Code governing capital gains and losses, and 26 U.S.C.A. § 166(d)(1)(B) does not constitute a federal “method of accounting” for purposes of this case.