N.J.S.A. § 54A:5-12.
Limits on shareholder's losses
14. a. The aggregate amount of losses or deductions of an S corporation taken into account by a shareholder of the S corporation for a taxable period pursuant to section 11 of P.L.1993, c.173 (C.54A:5-9), shall not exceed the shareholder's combined adjusted basis, determined in accordance with section 13 of P.L.1993, c.173 (C.54A:5-11), in the stock of the S corporation and any indebtedness of the S corporation to the shareholder.
b. Any loss or deduction of an S corporation which is disallowed for a taxable period pursuant to subsection a. of this section shall not be treated as incurred by the corporation in any succeeding taxable period with respect to that shareholder.
L.1993,c.173,s.14.
Source: view the official text
In this chapter (40 sections)
- 54:5-114.9. · Cancellation of tax sale certificate
- 54:5-115. · Certain sales confirmed; subsequent liens continued
- 54:5-116. · Lands acquired at tax sale; exchange for park lands
- 54:5-121. · Conveyance or transfer of lands to state for use as forest…
- 54:5-122. · Release of obligation to collect taxes, etc.; exemption…
- 54:5-123. · Right of redemption
- 54:5-124. · Amount required to redeem
- 54:5-126a. · Conveyance of land not suitable for forest park…
- 54:5-126b. · Redemption of land from municipality; amount
- 54:5-127. · Transfer to county for park purposes of lands acquired at…
- 54:5-128. · Redemption after transfer of lands to county for park…
- 54:5-129. · Foreclosure by county of right to redeem
- 54:5-130 · Creation of joint municipal lien pool permitted
- 54:5-131 · Powers of joint municipal lien pool
- 54:5-132 · Municipal liens defined; exceptions
- 54:5-133 · Laws applicable to operation of pool
- 54:5-134 · Transfer of municipal lien
- 54:5-135 · Execution of lien certificates
- 54:5-136 · Operating plan filed by joint municipal lien pool
- 54:5-137 · Rules, regulations, orders
- 54A:5-1.1 · Certain IRA roll over amounts protected for 4 years
- 54A:5-1.2 · Determination of category of income net of expenses or…
- 54A:5-1.2a · Taxpayer, depreciation, eligible property expenditures,…
- 54A:5-2. · Losses
- 54A:5-3. · Taxability of estates, trusts and their beneficiaries
- 54A:5-4. · Taxability of partners
- 54A:5-6. · Husband and wife
- 54A:5-7. · Allocations of income of nonresidents
- 54A:5-8 · Income from sources within State for nonresident
- 54A:5-9 · S corporation tax exemption
- 54A:5-10. · Definitions
- 54A:5-11. · Initial basis of shareholder of S corporation stock
- 54A:5-12. · Limits on shareholder's losses
- 54A:5-13. · Shareholder's share of S corporation income prorated for…
- 54A:5-14. · Distributions made by S corporation, treatment
- 54A:5-15 · Determination of amount of category of income, certain…
- 54A:5-16 · Definitions
- 54A:5-17 · Cannabis licensees, gross income
- 54A:5-18 · Regulations
- 54A:5-19 · Income sourced, Corporation Business Tax Act, New Jersey…