STINNES INTEROIL, INC. v. TAXATION DIV. DIRECTOR


7 N.J. Tax 473 (1985)

STINNES INTEROIL, INC., PLAINTIFF, v. DIRECTOR, DIVISION OF TAXATION, DEFENDANT.

Tax Court of New Jersey.

July 16, 1985.


Attorney(s) appearing for the Case

Peter R. Bray for plaintiff (Cole, Geaney, Yamner & Byrne, attorneys).

Jeanne E. Gorrissen for defendant (Irwin I. Kimmelman, Attorney General of New Jersey, attorney).


KAHN, J.T.C.

This is an appeal from the determination by the Director, Division of Taxation that taxpayer was not entitled to deduct certain interest expenses from its net income or exclude certain loan proceeds from its net worth in determining the amount due under the New Jersey Corporation Business Tax, N.J.S.A. 54:10A-1 et seq. The Director assessed additional taxes for the 1980 tax year of $42,659.47...

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