SUBURBAN COASTAL CORP. v. TAXATION DIV. DIRECTOR


8 N.J. Tax 306 (1986)

SUBURBAN COASTAL CORP., PLAINTIFF-CROSS-APPELLANT-RESPONDENT, v. DIRECTOR, DIVISION OF TAXATION, DEFENDANT-APPELLANT-CROSS-RESPONDENT.

Superior Court of New Jersey, Appellate Division.

Decided January 15, 1986.


Attorney(s) appearing for the Case

Harry Haushalter, Deputy Attorney General, argued the cause for appellant (Irwin I. Kimmelman, Attorney General, attorney; Harry Haushalter on the brief).

Daniel Kinburn argued the cause for respondent (Williams, Caliri, Miller & Otley, attorneys; Daniel Kinburn and William S. Robertson, III, of counsel and on the brief).

Before Judges MATTHEWS and MUIR.


PER CURIAM.

The Division of Taxation appeals a Tax Court decision that Suburban Coastal Corp. (Suburban) is a financial business corporation under N.J.S.A. 54:10A-4(m), entitling it to the deduction provided in N.J.S.A. 54:10A-4(k)(2)(E)(iii). That decision reversed a ruling by the Division Director that Suburban pay an additional levy of over $330,000 in taxes, penalties and interest under the Corporation Business Tax Act, N.J.S.A. 54:10A-1 ...

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