Corporate Property Investors v. Director, Division of Taxation

CRABTREE, J.T.C.

Plaintiff seeks review of defendant’s determinations denying plaintiffs élaims for refunds of New Jersey corporation business tax (CBT) for 1987, 1988 and 1989 aggregating $722,543 and assessing additional CBT of $534,798, plus interest and penalty for the years 1985 through 1989. Both parties have moved for summary judgment and, as there are no material facts in dispute, the case is ripe for adjudication.

The only issues remaining are (1) whether plaintiff, having duly elected treatment as a real estate investment trust (REIT) for federal income tax purposes pursuant to…