Commercial Casualty Insurance v. State Board of Tax Appeals

The opinion of the court was delivered by

Heher, J.

Prosecutor complains of an assessment for taxes levied against it by the city of Newark under section 307 of the General Tax act of 1918 (Pamph. L., pp. 847, 858), and the definitive question is whether, in the calculation of the taxable “capital stock paid in and accumulated surplus” on the assessment date, October 1st, 1934, its “estimate of the ulti mate cost of claims” for losses within the coverage of issued policies (aggregating $4,812,301.04), asserted to have been sustained prior thereto, is to be considered a deductible liability…