NJ Tax Court Guts Throwout Statute — Does This Mean Throwout Never Applies?

Last month, the New Jersey Tax Court ruled in favor of Lorillard and held, in effect, that intangible receipts are not subject to throwout. On Thursday, September 19 at Noon EDT, Reed Smith lawyers, Kenneth Levine, David Gutowski and Kyle Sollie, will present a teleseminar to discuss the implications of this ruling, including:

• Whether the court’s ruling is likely to be reversed by the appellate courts.
• The potential effect on similar throwout cases before other Tax Court judges.
• If the ruling stands, whether it extends to other types of receipts and renders throwout inoperable.
• Whether taxpayers with pending refund claims and assessment appeals will have new settlement opportunities.
• The Division’s curious litigation strategy and its likely strategy going forward.
• The possible distinction between domestic and foreign intangible receipts.
• Whether the logic of Lorillard also guts New Jersey’s addback provisions.