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VOL. 2, NO. 163 DECISIONS RELEASED SEPTEMBER 20, 1994 TAXATION 35-5-4000 Badische Corp. v. Town of Kearny, Tax Ct. (15 pp.) Where company challenged property tax assessment on grounds that the property’s true value had decreased due to environmental contamination, tax court rejected the expert’s property value based on cleanup costs, since he failed to establish all cleanup costs attributable to the site. [Decided July 26, 1994; approved for publication.] 35-5-4001 Bergen County v. Leonia Borough and Franklin Lakes Borough, Tax Ct. (23 pp.) Where county challenged boroughs’ tax assessments on portions of county-owned parks leased to two private profit-making riding schools, tax court held that the properties are tax exempt, since the riding schools were open to the public, and therefore did not lose tax-exempt status, under N.J.S.A. 54:4-2.3 and N.J.S.A. 54:4-1.10. [Decided July 27, 1994; approved for publication.] 35-5-4002 Borough of Fort Lee v. Director, Div. of Taxation, Tax Ct. (19 pp.) Where borough challenged residential cooperative apartments’ classification in its 1992 and 1993 chapter 123 tables, which affect its school-aid ratio, tax court held that the borough was barred for bringing the action under the entire controversy doctrine, since the borough challenged the school-aid ratio in 1990 and did not raise this issue. [Decided July 26, 1994; approved for publication.] 35-5-4003 Borough of Paramus v. Etaner Enters., Tax Ct. (12 pp.) Where borough sued company for reevaluation of tax assessment under the correction of errors statute for an error in the amount owed, tax court held that company’s expert’s property evaluation was incorrect, since he failed to value the property as free and clear of all encumbrances. [Decided July 26, 1994; approved for publication.] 35-5-4004 General Bldg. Prods. Corp. v. State of New Jersey, Div. of Taxation, Tax Ct. (34 pp.) Where new company owner appealed state’s tax refund denial for taxes paid under the Corporation Business Tax Act, tax court held that the new owner, which made a Section 338(h)(10) election, cannot argue that the state is not entitled to tax the transaction consistent with state laws, since a state is not bound to comply with federal income tax treatment. [Decided Aug. 3, 1994; approved for publication.] 35-5-4005 Malcolm S. Forbes, Jr. v. Director, Div. of Taxation, Tax Ct. (12 pp.) Executor claimed that where state estate tax should decrease because the federal estate tax was paid in installments with interest, under IRC Section 6166, reducing the federal credit, tax court held that the state estate tax is limited to the amount of the federal credit, since implicit in the state estate tax is the incorporation of federal estate tax exemptions and deductions, including Section 6166. [Decided Aug. 9, 1994; approved for publication.] 35-5-4006 Morris Count Mun. Util. Auth. v. Morris Township, Tax Ct. (8 pp.) Where authority claimed that it was exempt from local property tax, tax court held that it was not exempt, since the authority’s purpose is to hold and protect the land for future development as a water supply, which is taxable under N.J.S.A. 54:4-3.3. [Decided April 26, 1995; approved for publication.] 35-5-4007 Virginia Schimpf v. Little Egg Harbor Township, Tax Ct. (15 pp.) Where marina owner challenged tax assessment in which township claimed that the site contained excess land, tax court held that the municipality had not established excess land value, and the property’s highest and best use is as a marina. [Decided Aug. 3, 1994; approved for publication.]

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