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New Jersey Tax Court finds royalty company must file and pay even though related entity paid tax on same income

The Tax Court of New Jersey ruled on Aug. 14 that an intangible holding company with no physical presence was required to file a New Jersey corporation business tax (CBT) return and pay the related tax due based on its income. No relief was available to the taxpayer, even though the related entity from which the taxpayer received royalty payments had filed a CBT return and included the same payments in its own taxable income.

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