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.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.