Income Attributable to Mortgage Loans Is Taxable, New Jersey Tax Court Finds

Alysse McLoughlin said that, because “it is sometimes difficult to determine the sourcing of New Jersey’s catchall category of business income,” a decision by the state’s Tax Court that a bank’s income and gross proceeds attributed to New Jersey mortgage loans are business income earned within the state for purposes of apportionment “could prove helpful by providing more guidance concerning sourcing of such income”