WALNUT REALTY CO. v. DIRECTOR OF DIV. OF TAXATION


36 N.J. 365 (1962)

177 A.2d 745

WALNUT REALTY COMPANY, PETITIONER-APPELLANT, v. DIRECTOR, DIVISION OF TAXATION AND DIVISION OF TAX APPEALS IN THE STATE DEPARTMENT OF THE TREASURY, RESPONDENTS-RESPONDENTS.

The Supreme Court of New Jersey.

Decided January 22, 1962.


Attorney(s) appearing for the Case

Mr. Bertram Polow, attorney and of counsel, argued the cause for petitioner-appellant (Mr. John M. Newman, on the brief).

Mr. Alan B. Handler, Deputy Attorney General, of counsel, argued the cause for respondents-respondents (Mr. David D. Furman, Attorney General of New Jersey, attorney).


The opinion of the court was delivered by SCHETTINO, J.

Petitioner, Walnut Realty Company, (hereafter referred to as Walnut) seeks to reverse a judgment of the Division of Tax Appeals which held the company subject to franchise taxes at the rates provided for a "financial business" rather than at the lower rates specified for a general business corporation. While the appeal was pending before the Appellate Division, we certified the matter on our own motion. R...

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