United Jersey Mortgage Co. v. Taxation Division Director

EVERS, J. T. C.

Plaintiff, United Jersey Mortgage Company (United), a New Jersey corporation engaged in making loans in connection with the commercial real estate market, contests a final determination for 1975 of the Director, Division of Taxation (Director), regarding its liability under the Financial Business Tax Law, N.J.S.A. 54:10B — 1 et seq. Specifically, United objects to the Director’s final determination of its net worth as of December 31, 1974. It alleges that a redetermination of its bad debt reserve by the Director was inconsistent with sound accounting principles which resulted…