First Republic Corporation of America v. Norberg

This is a petition for certiorari to review a judgment of the Superior Court which affirmed the decision of the Tax Administrator.

The petitioner herein, the First Republic Corporation of America (First Republic) duly filed a Rhode Island Business Corporation tax return for the fiscal year ending June 30, 1970, showing $4,935 tax due. The tax division determined that mortgage indebtedness, notes payable and accounts payable totaling an additional $20,898,175 should have been included in the “corporate excess” 1 to which the tax is applied and sent First Republic a notice indicating $22,284…