Eighteen days later Mr Flowers had acquired a controlling interest in Enstar, a small firm in Alabama that had two big attractions: a stockmarket value beneath its cash holdings, and a tax-loss to carry forward.

ECONOMIST: Face value

The New Jersey Gross Income Tax Act does not follow federal law regarding carry-forward and carry-back losses and the loss on the 2008 New Jersey individual income tax return can only be netted against gains or income reported in the category Net gains or income from disposition of property.

FORBES: Madoff Investors Receive New Jersey Tax Refunds