CENTEX HOMES OF N.J. v. TAX. DIV. DIR.


10 N.J. Tax 473 (1989)

CENTEX HOMES OF NEW JERSEY, INC., PLAINTIFF, v. DIRECTOR, DIVISION OF TAXATION, DEFENDANT.

Tax Court of New Jersey.

June 29, 1989.


Attorney(s) appearing for the Case

Keith A. Krauss for plaintiff (Connell, Foley & Geiser, attorneys; Janet Zaorski Kalapos on the brief).

Jeanne E. Gorrissen for defendant (Peter N. Perretti, Jr., Attorney General of New Jersey, attorney).

Before Judges ANDREW, CRABTREE, HOPKINS, LARIO, LASSER & RIMM pursuant to 8:8-6.


The opinion of the court was delivered by ANDREW, J.T.C.

In this corporation business tax case plaintiff, Centex Homes of New Jersey, Inc. (hereinafter CNJ), challenges a determination by defendant, Director of the Division of Taxation that the indebtedness of CNJ to CNJ's great-grandparent, Centex Corporation (hereinafter CC) was to be included as part of CNJ's net worth tax base in the computation of CNJ's franchise tax liability for the tax years at issue.

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