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TOYS R US, INC. v. TAXATION DIV. DIRECTOR

8 N.J. Tax 51 (1985)

TOYS "R" US, INC., PLAINTIFF, v. TAXATION DIVISION DIRECTOR, DEFENDANT.

Tax Court of New Jersey.

December 10, 1985.

Attorney(s) appearing for the Case

Anthony J. Napodano for plaintiff (Anthony J. Napodano, attorney; Shea & Gould of counsel; Allen J. Parker, Lonn A. Trost, John B. Grant, Jr., Lynne M. Fischman on the brief).

Jeanne E. Gorrissen for defendant (Irwin I. Kimmelman, Attorney General of New Jersey, attorney).

ANDREW, J.T.C.

This is a state tax case involving the Corporation Business Tax Act, N.J.S.A. 54:10A-1 et seq. The issue presented is whether a wholly-owned subsidiary must include indebtedness owed by it to its parent corporation as part of its net worth in computing its franchise tax liability for the tax years of 1974 and 1975 pursuant to N.J.S.A. 54:10A-4(d)(5) (hereinafter § 4(d)(5)).

The present plaintiff, Toys "R" Us, Inc. brings...

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