On September, 9, 2020, the New Jersey Appellate Division ruled against the taxpayer in Preserve II, Inc. v. Director, Div. of Taxation, No. A-1331-17T3. On its face, the decision looks like a disappointing taxpayer loss because the court upheld the determination that a corporation was subject to the New Jersey Corporation Business Tax (CBT) based upon its limited partnership interest in a partnership conducting business in New Jersey. However, in what could be good news for other taxpayers, the appellate court also interpreted the CBT imposition statute to require more than simply deriving receipts from New Jersey sources before a taxpayer can be subject to the CBT.