Texaco, Inc. v. Director, Division of Taxation

HOPKINS, J. T. C.

Plaintiff taxpayer has appealed the Director’s assessment of additional New Jersey corporation business tax in the amount of $254,814.56, together with interest of $79,781.35, for the tax years 1971 through 1975. The additional assessment was predicated upon the disallowance, in the calculation of plaintiff’s New Jersey corporation business tax liability, of deductions or exclusions for amounts taxpayer paid as minimum tax for tax preferences pursuant to §§ 56 through 58 of the Internal Revenue Code of 1954.

The parties have stipulated that unless the aforesaid federal tax is…