State Tax Notes | Deemed Asset Sale Gain Should be Sourced to New Jersey, State Tax Court Rules

Zach Gladney and Matt Hedstrom are quoted on a decision by the New Jersey Tax Court in Xylem Dewatering Solutions Inc. v. Dir., Division of Taxation that gain from the sale of assets in a liquidation of an S corporation should be characterized as nonoperational income and sourced using corporate business tax allocation rules.