MOBAY CHEMICAL CO. v. TAXATION DIV. DIRECTOR


3 N.J. Tax 597 (1981)

MOBAY CHEMICAL CORPORATION, PLAINTIFF, v. TAXATION DIVISION DIRECTOR, DEFENDANT.

Tax Court of New Jersey.

December 7, 1981.


Attorney(s) appearing for the Case

Charles H. Friedrich and Charles M. Costenbader for plaintiff (Stryker, Tams & Dill, attorneys).

Harry Haushalter, Deputy Atty. Gen., for defendant (James R. Zazzali, Atty. Gen. of New Jersey, attorney).


CRABTREE, J.T.C.

Plaintiff seeks review of defendant's determination that the sum of $56,000,000 owed by plaintiff to an affiliated corporation as of December 31, 1974 must be included in plaintiff's net worth and 90% of the interest paid thereon disallowed for calendar year 1974 for purposes of the Corporation Business Tax Act, N.J.S.A. 54:10A-1 et seq. The effect of defendant's determination is to deny plaintiff's refund claim for $68,826.77.

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