I. H. E. Financial Corp. v. Taxation Division Director

EVERS, J. T. C.

This matter concerns an assessment made under the Corporation Business Tax Act, N.J.S.A. 54:10A-1 et seq. (the act) for the fiscal year 1975. If it is determined that the taxpayer was a financial business corporation during the period in question, it would then be subject to the tax in the amount it would have been taxed under the Financial Business Tax Act (one-half of net worth) and the lower Corporation Business Tax Act rates. N.J.S.A. 54:10A-40.

N.J.S.A. 54:10A — 4(m), in pertinent part, provides:

*377“Financial business corporation” shall mean any corporate enterprise which is…