Chemicals & Pharmaceuticals, Inc. v. Martin

Quinn, President.

By investment of its capital funds, petitioner, a domestic corporation, owns all of the capital stock of Diatetic Research Laboratories, Inc., and Professional Laboratories, Inc., both of which are corporations engaged in manufacturing pursuits in this state. Petitioner itself engages in no form of manufacturing whatsoever. It nevertheless claims, for the year 1939, an exemption from the franchise tax upon capital stock to which domestic corporations are normally subject under R. S. 54:13-1; N. J. S. A. 54:13-1 ei &eq., upon the ground that it is a “manufacturing corporation…