MOBAY CHEMICAL CORPORATION, PLAINTIFF-RESPONDENT,
v.
DIRECTOR, DIVISION OF TAXATION, DEFENDANT-APPELLANT.
The Supreme Court of New Jersey.https://leagle.com/images/logo.png
Argued November 9, 1983.
Decided June 1, 1984.
Attorney(s) appearing for the Case
Harry Haushalter, Deputy Attorney General, argued the cause for appellant (Irwin I. Kimmelman, Attorney General of New Jersey, attorney; James J. Ciancia, Assistant Attorney General, of counsel).
Charles M. Costenbader argued the cause for respondent (Stryker, Tams & Dill, attorneys; Charles H. Friedrich, on the brief).
Kevin J. Coakley submitted a brief on behalf of amicus curiae Hilton Hotels Corporation (Connell, Foley & Geiser, attorneys; Patrick J. McAuley, on the brief).
Walter R. Davis, Jr., submitted a brief on behalf of amicus curiae Prudential Insurance Company of America (Walter R. Davis, Jr., attorney; Nancy W. Proudfit, on the brief).
The Supreme Court of New Jersey.
The opinion of the Court was delivered by SCHREIBER, J.
This case, like its companion, Fedders Financial Corp. v. Director, Div. of Taxation,96 N.J. 376 (1984), requires us to interpret provisions of the New Jersey Corporation Business Tax Act (the Act). The tax under the Act is measured by a corporation's net worth and net income. One provision in dispute made a corporation's "indebtedness...
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