NJ Tax Court Upholds Investment Co. Deduction Test

Law360, New York (January 21, 2014, 1:51 PM EST) -- The New Jersey Tax Court on Friday upheld an economic test used by the state when determining whether a business qualifies as an investment company for corporate business tax purposes, saying the Division of Taxation acted within its authority when it adopted a 90 percent deduction test.

Judge Christine M. Nugent brushed off arguments by Regent Corp. of Union Inc. that the length and complexity of the deduction test, which is one part of a three-pronged test used by the state taxing agency, proved it was...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.