2018 UltraTax CS
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Question
Why is the cancellation of debt income not included in New Jersey’s Gross Income?
Answer
The New Jersey Tax Court in Weintraub v. Director, 19 N.J. Tax 65 (2000) has held that income from the discharge of business or personal indebtedness (which includes forgiveness of credit card debt) is not taxable for New Jersey Gross Income Tax purposes.
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