GARFIELD TRUST COMPANY, PLAINTIFF-APPELLANT,
v.
DIRECTOR, DIVISION OF TAXATION, DEFENDANT-RESPONDENT.
The Supreme Court of New Jersey.https://leagle.com/images/logo.png
Argued January 22, 1986.
Decided May 22, 1986.
Attorney(s) appearing for the Case
Glenn T. Leonard argued the cause for appellant (Cecchi and Politan, attorneys).
Harry Haushalter, Deputy Attorney General, argued the cause for respondent (W. Cary Edwards, Jr., Attorney General of New Jersey, attorney; James J. Ciancia, Assistant Attorney General, of counsel).
William S. Robertson, III, argued the cause for amici curiae Summit and Elizabeth Trust Co., et al. (Williams, Caliri, Miller & Otley, attorneys; William S. Robertson and Bruce K. Adler, on the briefs).
The Supreme Court of New Jersey.
The opinion of the Court was delivered by GARIBALDI, J.
This appeal presents the questions whether, first, the Federal Public Debt Statute, 31 U.S.C.A. § 742, and second, the state enabling legislation for debt obligations, exempt the principal and interest income of federal and state obligations from inclusion in the net worth and net income bases for calculating the New Jersey Corporation Business Tax (CBT)...
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