Argued March 27, 1990 —
Decided April 10, 1990.
Before Judges PRESSLER, LONG and LANDAU.
On appeal from the Tax Court of New Jersey, whose opinion is reported at 10 N.J. Tax 447 (Tax Ct. 1989).
Jeanne E. Gorrissen, Deputy Attorney General, argued the cause for appellant ( Robert J. Del Tufo, Attorney General of New Jersey, attorney; Mary C. Jacobson, Deputy Attorney General, of counsel; Jeanne E. Gorrissen, on the brief).
John L. Berger argued the cause for respondents ( Lowenstein, Sandler, Kohl, Fisher Boylan, attorneys; Benedict M. Kohl and John L. Berger, on the brief).
The judgment of the Tax Court setting aside the deficiency assessment of the Division of Taxation is affirmed, to the extent the assessment was based on plaintiffs' realization of capital gains from their sale of stock in Subchapter S corporations, substantially for the reasons stated by Judge Lasser in his opinion reported at 10 N.J. Tax 447 (Tax Ct. 1989). Since the parties agree that the deficiency assessment is correct in respect of other taxpayer liabilities, we remand to the Tax Court for entry of a modified judgment so providing.