Centex Homes of New Jersey, Inc. v. Director, Division of Taxation

The opinion of the court was delivered by

ANDREW, J.T.C.

In this corporation business tax case plaintiff, Centex Homes of New Jersey, Inc. (hereinafter CNJ), challenges a determination by defendant, Director of the Division of Taxation that the indebtedness of CNJ to CNJ’s great-grandparent, Centex Corporation (hereinafter CC) was to be included as part of CNJ’s net worth tax base in the computation of CNJ’s franchise tax liability for the tax years at issue.

Plaintiff, CNJ, is a Nevada corporation which has been engaged in the acquisition, development and construction of both single-family and…