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RICHARD'S AUTO CITY, INC. v. DIRECTOR, DIV. OF TAXATION

140 N.J. 523 (1995)

659 A.2d 1360

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

The Supreme Court of New Jersey.

Decided June 21, 1995.

Attorney(s) appearing for the Case

Margaret A. Holland, Deputy Attorney General, argued the cause for appellant (Deborah T. Poritz, Attorney General of New Jersey, attorney; Joseph L. Yannotti, Assistant Attorney General, of counsel).

Robert J. Kipnees argued the cause for respondent (Greenbaum, Rowe, Smith, Ravin & Davis, attorneys; Mr. Kipnees and Thomas C. Senter, of counsel and on the brief).

Michael A. Guariglia submitted a letter brief on behalf of amici curiae Ernst & Young, Coopers & Lybrand and Deloitte & Touche (McCarter & English, attorneys).

The opinion of the Court was delivered by HANDLER, J.

This appeal involves a conflict over the interpretation of provisions of the Corporation Business Tax Act that permit certain net-operating losses to be carried over and deducted in successive tax years. Specifically, at issue is whether those provisions permit the net-operating losses incurred in past tax years by a corporation that has been merged into a successor corporation to be carried over and deducted by...

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