Orloff Lowenbach Stifelman & Siegel P.A.

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New Jersey Tax Consequences of S Corp. and Partnership Liquidations

Regulations issued by the New Jersey Division of Taxation (commonly referred to as the “Miller/Mandelbaum regulations”) have a significant impact on the Gross Income Tax consequences of a liquidating sale of assets by a partnership, LLC or S corporation. On November 15, 2010, Alan Kornstein gave a presentation on the planning opportunities and pitfalls of these regulations at a meeting of the Leib/Preis State Tax Study Group in Springfield, New Jersey.