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FEDDERS FINANCIAL CORP. v. TAXATION DIV. DIR.

96 N.J. 376 (1984)

476 A.2d 741

FEDDERS FINANCIAL CORPORATION, PLAINTIFF-APPELLANT, v. DIRECTOR, DIVISION OF TAXATION, DEFENDANT-RESPONDENT.

The Supreme Court of New Jersey.

Decided June 4, 1984.

Attorney(s) appearing for the Case

Peter C. Aslanides argued the cause for appellant (McCarter & English, attorneys; Michael A. Guariglia, on the brief).

Harry Haushalter, Deputy Attorney General, argued the cause for respondent (Irwin I. Kimmelman, Attorney General of New Jersey, attorney; James J. Ciancia, Assistant Attorney General, of counsel).

Kevin J. Coakley submitted a brief on behalf of amicus curiae Hilton Hotels Corporation (Connell, Foley & Geiser, attorneys; Patrick J. McAuley, on the brief).

The opinion of the Court was delivered by SCHREIBER, J.

This case requires us to interpret provisions of the New Jersey Corporation Business Tax Act (the Act). Under the Act the tax is measured by a corporation's net worth and net income. One provision in dispute made a corporation's "indebtedness owing directly or indirectly" to holders of 10% or more of the corporation's outstanding shares includible in the corporation's...

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