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RICHARD'S AUTO CITY v. TAXATION DIV. DIR.

12 N.J. Tax 619 (1992)

RICHARD'S AUTO CITY, INC., PLAINTIFF, v. DIRECTOR, DIVISION OF TAXATION, DEFENDANT.

Tax Court of New Jersey.

November 25, 1992.

Attorney(s) appearing for the Case

Thomas C. Senter and Robert J. Kipnees, Woodbridge, for plaintiff (Greenbaum, Rowe, Smith, Ravin & Davis, attorneys, Thomas C. Senter and Chrysa A. Lawson, on the brief, Robert J. Kipnees, of counsel).

Elizabeth B. Healy for amicus curiae Ernst & Young.

Margaret A. Holland, Trenton, for defendant (Robert J. Del Tufo, Attorney General of New Jersey, attorney).

ANDREW, J.T.C.

In this tale of two corporations, the issue is whether the net operating losses generated by one corporation for one tax year may be claimed as a legitimate corporation business tax deduction in a subsequent tax year by a second corporation after the loss-generating or first corporation has merged into the second or surviving corporation. Plaintiff, Richard's Auto City, Inc., the surviving corporation, suggests that the New Jersey Corporation Business...

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