Town of Montclair v. State Board of Equalization of Taxes

The opinion of the court was delivered by

Parker, J.

Eeduced to its lowest terms, the question for decision is whether an educational institution incorporated under the General Corporation act and concodedly conducted for profit, and therefore taxable under the General Tax act of *4981903, upon its land, buildings and personal property, has succeeded, by changing its corporate dress and altering its financial system so that net income is disbursed in the form of interest instead of dividends, in turning into an “academy not conducted for profit” and has thereby become entitled to tax exemption…