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MOTOR FINANCE CORP. v. DIR., DIV. OF TAX.

129 N.J. Super. 19 (1974)

322 A.2d 180

MOTOR FINANCE CORPORATION, PETITIONER-RESPONDENT, v. DIRECTOR, DIVISION OF TAXATION, RESPONDENT-APPELLANT.

Superior Court of New Jersey, Appellate Division.

Decided June 10, 1974.

Attorney(s) appearing for the Case

Mr. Harry Haushalter, Deputy Attorney General, argued the cause for appellant (Mr. William F. Hyland, Attorney General of New Jersey, attorney; Mr. Stephen Skillman, First Assistant Attorney General, of counsel).

Mr. Joseph Lunin argued the cause for respondent (Messrs. Pitney, Hardin & Kipp, attorneys).

Before Judges HANDLER, MEANOR and KOLE.

The opinion of the court was delivered by HANDLER, J.A.D.

Petitioner Motor Finance Corporation paid its New Jersey corporation business tax for the years 1962 to 1967, inclusive, and then filed a timely claim for refunds pursuant to N.J.S.A. 54:49-14. The bases for the refund claims were: (1) liability was computed by including in the net worth the excess of market value of marketable securities over the book value thereof; (2) in determining that excess, the...

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