Friday, January 27, 2012

New Jersey—Ponzi Scheme Victims Entitled to Refunds

Taxpayers, who were victims of the Madoff Ponzi scheme, were entitled to file amended New Jersey gross (personal) income tax returns for 2005 through 2007 to claim refunds for interest, dividends, and capital gains reported and taxed in those years from which they received no economic gain. The income never existed and, therefore, was not taxable.

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