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McKESSON WATER v. DIR., DIV. OF TAX.

25 N.J. Tax 213 (2009)

MCKESSON WATER PRODUCTS COMPANY, Plaintiff-Respondent, v. DIRECTOR, DIVISION OF TAXATION, Defendant-Appellant.

Superior Court of New Jersey, Appellate Division.

Decided July 16, 2009.

Attorney(s) appearing for the Case

Marlene G. Brown, Deputy Attorney General, argued the cause for appellant (Anne Milgram, Attorney General, attorney; Patrick DeAlmeida, Assistant Attorney General, of counsel; Ms. Brown, on the brief).

David Shipley, argued the cause for respondent (McCarter & English, attorneys; Mr. Shipley, of counsel; Mr. Shipley, Michael A. Guariglia, Philadelphia, PA and Open Weaver Banks, Newark, on the brief).

Before Judges WINKELSTEIN, FUENTES and CHAMBERS.

The opinion of the court was delivered by

FUENTES, J.A.D.

In this appeal, we are required to decide whether the Tax Court correctly construed the term "nonoperational income," as used in N.J.S.A. 54:10A-6.1(a), to determine whether plaintiff's gain from a deemed asset sale under Internal Revenue Code § 338(h)(10) is subject to the New Jersey Corporation Business Tax (CBT). As a corollary to this issue, the Director of Taxation also asks us to remand...

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