General Building Products Corp. v. Director, Division of Taxation

Plaintiff appeals from a Tax Court judgment dismissing its complaint seeking a refund of the tax that was incurred as a result of a deemed asset sale to it of the stock in a wholly-owned New Jersey subsidiary of U.S. Home Corporation (U.S. Home). We affirm.

On June 24, 1988, U.S. Home, a Delaware corporation with its principal place of business in Houston, Texas, sold all of the stock of Dee Wood, its wholly-owned New Jersey subsidiary, to plaintiff, General Building Products Corporation, a New York corporation with its principal place of business in that state, for $16,800,000. Pursuant to…