Legal Opinion
Duke Energy Corp. v. Director, Division of Taxation
New Jersey Tax Court
Decided December 2, 2014PublishedCited by 1 opinion
1Opinion of the Court
DeALMEIDA, P.J.T.C.
This opinion concerns the proper method for calculating a taxpayer’s entire net income subject to New Jersey Corporation Business Tax (“CBT”). According to the CBT Act, a taxpayer’s entire net income subject to CBT is equal to its federal taxable income with several exceptions. One of the exceptions is set forth in N.J.S.A. 54:10A-4(k)(2)(C), which requires a taxpayer to add back to its federal taxable income deductions the taxpayer took for federal tax purposes for taxes paid to any State “on or measured by profits or income, or business presence or business activi-ty____”…
2Cases cited12 opinions
- Brill v. Guardian Life Insurance Co. of AmericaSupreme Court of New Jersey · 1995
- Metromedia, Inc. v. Director, Division of TaxationSupreme Court of New Jersey · 1984
- GE Solid State, Inc v. Director, Division of TaxationSupreme Court of New Jersey · 1993
- Amerada Hess Corp. v. Director, Division of Taxation, New Jersey Department of the TreasurySupreme Court of the United States · 1989
- Oberhand v. Director, Division of TaxationSupreme Court of New Jersey · 2008
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3Cited by1 opinion
- ROCKLAND ELECTRIC COMPANY VS. DIRECTOR, DIVISION OF TAXATION (TAX COURT OF NEW JERSEY)New Jersey Superior Court Appellate Division · 2019