Legal Opinion
Garfield Trust Co. v. Director, Div. of Taxation
New Jersey Tax Court
Decided June 19, 1984PublishedCited by 4 opinions
1Opinion of the Court
CONLEY, J.T.C.
This litigation involves the 1977 corporation business tax liability of a commercial banking corporation chartered by the State of New Jersey. The New Jersey Corporation Business Tax Act (1945) has imposed an annual franchise tax on banking corporations since 1976. N.J.S.A. 54:10A-34; L. 1975, c. 170, § 4.* The amount of a taxpayer’s corporate business tax liability is determined by the addition of prescribed percentages of net worth and net income allocable to this State. N.J.S.A. 54:10A-4(d), (k), -5.
When plaintiff computed its tax liability under these provisions it included…
2Cases cited15 opinions
- United States v. County of FresnoSupreme Court of the United States · 1977
- State v. ProfaciSupreme Court of New Jersey · 1970
- Memphis Bank & Trust Co. v. GarnerSupreme Court of the United States · 1983
- American Bank & Trust Co. v. Dallas CountySupreme Court of the United States · 1983
- Barringer v. MieleSupreme Court of New Jersey · 1951
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3Cited by4 opinions
- Garfield Trust Co. v. Director, Division of TaxationSupreme Court of New Jersey · 1986
- International Business Machines Corp. v. DirectorNew Jersey Tax Court · 2011
- Garfield Trust Co. v. DirectorNew Jersey Superior Court Appellate Division · 1985
- Schwinden v. Burlington Northern, Inc.Montana Supreme Court · 1984