Legal Opinion
Richard's Auto City, Inc. v. Director, Division of Taxation
New Jersey Tax Court
Decided November 25, 1992PublishedCited by 9 opinions
1Opinion of the Court
ANDREW, J.T.C.
In this tale of two corporations, the issue is whether the net operating losses generated by one corporation for one tax year may be claimed as a legitimate corporation business tax deduction in a subsequent tax year by a second corporation after the loss-generating or first corporation has merged into the second or surviving corporation. Plaintiff, Richard’s Auto City, Inc., the surviving corporation, suggests that the New Jersey Corporation Business Tax Act (CBT act), N.J.S.A. 54:10A-1 to -40, specifically, § 4(k)(6), permits the loss carryover deduction while defendant, the…
2Cases cited27 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Manhattan General Equipment Co. v. Commissioner of Internal RevenueSupreme Court of the United States · 1936
- Metromedia, Inc. v. Director, Division of TaxationSupreme Court of New Jersey · 1984
- New Jersey Guild of Hearing Aid Dispensers v. LongSupreme Court of New Jersey · 1978
- Libson Shops, Inc., v. Koehler, District Director of Internal RevenueSupreme Court of the United States · 1957
22 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- Richard's Auto City, Inc. v. Director, Division of TaxationSupreme Court of New Jersey · 1995
- Richard's Auto City v. DIR., DIV. OF TAXNew Jersey Superior Court Appellate Division · 1994
- General Building Products Corp. v. StateNew Jersey Tax Court · 1994
- Sharps, Pixley, Inc. v. Director, Division of TaxationNew Jersey Tax Court · 1997
- Continental Gypsum Co. v. Director, Division of TaxationNew Jersey Tax Court · 2000
4 more not listed; retrieve them via the Exa API.