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GENERAL TRADING CO. v. TAXATION DIV. DIRECTOR

83 N.J. 122 (1980)

416 A.2d 37

GENERAL TRADING COMPANY, INC., RESPONDENT, v. DIRECTOR, DIVISION OF TAXATION, APPELLANT.

The Supreme Court of New Jersey.

Decided June 19, 1980.

Attorney(s) appearing for the Case

Harry Haushalter, Deputy Attorney General, argued the cause for the appellant (John J. Degnan, Attorney General of New Jersey, attorney; Stephen Skillman, Assistant Attorney General, of counsel).

Leo Rosenblum argued the cause for respondent (Rosenblum and Rosenblum, attorneys).

The opinion of the Court was delivered by WILENTZ, C.J.

This extended controversy between the Director of the Division of Taxation ("Director") and respondent, General Trading Co., Inc. ("the taxpayer"), involves the effect on tax liability of a taxpayer's ignorance of the tax consequences resulting from a corporate decision that had no apparent business purpose, brought no advantage to the taxpayer and caused no detriment...

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