A worthless nonbusiness debt is not a disposition of property under N.J.S.A. 54:5-1c and that section does not incorporate into New Jersey law 26 U.S.C.A. § 166(d)(1)(B)'s approach to worthless nonbusiness debt losses.
N.J. SUPREME COURT
Waksal v. Director, Division of Taxation
New Jersey Law Journal
August 15, 2013