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... calculated at the highest rate of tax under the GIT. N.J.S.A. 54:10A-5.23(a)-(c). The Director may require that the tax estimated ... be withheld from any distribution made to a nonconsenting shareholder. N.J.S.A. 54:10A-5.23(c). Where a shareholder who is not an initial shareholder ... has the right to collect the tax from the corporation. N.J.S.A. 54:10A-5.23(d). Procedurally, “[a] Federal S corporation must file a ... the maximum tax bracket rate provided under [the GIT].” N.J.S.A. 54:10A-5.23(d). Plaintiffs argue that the GRATs are “grantor trusts� ... filing of the return for the accounting or privilege period. [ N.J.S.A. 54:10A-5.23(c).] Thus, the Director argues, since the Corporation neither had ...

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court:	NJ Superior Court Law/Chancery Division
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