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New Jersey Tax Court Allows Taxpayer to Reduce Its Apportionment Factor for Sale-Leaseback Property

InGeneral Foods Credit Investors #3 Corp. v. Dir., Division of Taxation,1 the Court determined that the taxpayer should reduce its property and sales factor for purposes of determining the taxpayers New Jersey business income. In this case, the taxpayer entered into a sale-leaseback transaction with the New Jersey transit authority for more than 840 buses. The Internal Revenue Service (IRS) determined that the transaction was nothing more than a financing transaction and disallowed the depreciat

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