Bristol-Myers Co. v. Taxation Division Director

ANDREW, J.T.C.

In this matter plaintiff Bristol-Myers Company (Bristol-Myers) challenges determinations of defendant, Director of the Division of Taxation (Director) with respect to the valuation of plaintiffs investments in its wholly-owned subsidiaries for purposes of measuring plaintiffs tax liability under the New Jersey Corporation Business Tax Act (the act), N.J.S.A. 54:10A-1 et seq. Plaintiff claims a refund for tax year 1976 and disputes the Director’s additional assessment of taxes for 1977.1

The act imposes a franchise tax on all nonexempt foreign and domestic corporations “for the…