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N.J.S.A. § 54A:5-14.

Distributions made by S corporation, treatment

Official textNew Jersey Statutes Annotated (Tax)lis.njleg.state.nj.uslast amended
Summarize

16. a. Subject to subsection c. of this section, a distribution made by an S corporation with respect to its stock to a resident shareholder shall be taken into account by the shareholder for purposes of the "New Jersey Gross Income Tax Act," N.J.S.54A:1-1 et seq., to the extent that the distribution is treated as a dividend or as gain from the sale or exchange of property in the manner provided by section 1368 of the federal Internal Revenue Code of 1986, 26 U.S.C. s.1368.

b. Subject to subsection c. of this section, a distribution of money made by a corporation with respect to its stock to a resident shareholder during a post-termination transition period shall not be taken into account by the shareholder for purposes of the "New Jersey Gross Income Tax Act," N.J.S.54A:1-1 et seq., to the extent the distribution is applied against and reduces the adjusted basis of the stock of the shareholder in the manner provided by section 1371(e) of the federal Internal Revenue Code of 1986, 26 U.S.C. s.1371.

c. In applying sections 1368 and 1371(e) of the federal Internal Revenue Code of 1986, 26 U.S.C. s.1368 and 1371, to any distribution referred to in subsection a. or b. of this section:

# (1)

the term "adjusted basis of the stock" means the shareholder's adjusted basis in the stock of the S corporation, as determined under section 13 of P.L.1993, c.173 (C.54A:5-11); and

# (2)

the term "accumulated adjustments account" means an amount that is equal to, and adjusted in the same manner as, the S corporation's accumulated adjustments account defined in section 1368(e)(1)(A) of the federal Internal Revenue Code of 1986, 26 U.S.C. s.1368, except that any modifications required to be made pursuant to the definition of S corporation income shall be taken into account.

L.1993,c.173,s.16.

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In this chapter (40 sections)
  1. 54:5-114.9. · Cancellation of tax sale certificate
  2. 54:5-115. · Certain sales confirmed; subsequent liens continued
  3. 54:5-116. · Lands acquired at tax sale; exchange for park lands
  4. 54:5-121. · Conveyance or transfer of lands to state for use as forest…
  5. 54:5-122. · Release of obligation to collect taxes, etc.; exemption…
  6. 54:5-123. · Right of redemption
  7. 54:5-124. · Amount required to redeem
  8. 54:5-126a. · Conveyance of land not suitable for forest park…
  9. 54:5-126b. · Redemption of land from municipality; amount
  10. 54:5-127. · Transfer to county for park purposes of lands acquired at…
  11. 54:5-128. · Redemption after transfer of lands to county for park…
  12. 54:5-129. · Foreclosure by county of right to redeem
  13. 54:5-130 · Creation of joint municipal lien pool permitted
  14. 54:5-131 · Powers of joint municipal lien pool
  15. 54:5-132 · Municipal liens defined; exceptions
  16. 54:5-133 · Laws applicable to operation of pool
  17. 54:5-134 · Transfer of municipal lien
  18. 54:5-135 · Execution of lien certificates
  19. 54:5-136 · Operating plan filed by joint municipal lien pool
  20. 54:5-137 · Rules, regulations, orders
  21. 54A:5-1.1 · Certain IRA roll over amounts protected for 4 years
  22. 54A:5-1.2 · Determination of category of income net of expenses or…
  23. 54A:5-1.2a · Taxpayer, depreciation, eligible property expenditures,…
  24. 54A:5-2. · Losses
  25. 54A:5-3. · Taxability of estates, trusts and their beneficiaries
  26. 54A:5-4. · Taxability of partners
  27. 54A:5-6. · Husband and wife
  28. 54A:5-7. · Allocations of income of nonresidents
  29. 54A:5-8 · Income from sources within State for nonresident
  30. 54A:5-9 · S corporation tax exemption
  31. 54A:5-10. · Definitions
  32. 54A:5-11. · Initial basis of shareholder of S corporation stock
  33. 54A:5-12. · Limits on shareholder's losses
  34. 54A:5-13. · Shareholder's share of S corporation income prorated for…
  35. 54A:5-14. · Distributions made by S corporation, treatment
  36. 54A:5-15 · Determination of amount of category of income, certain…
  37. 54A:5-16 · Definitions
  38. 54A:5-17 · Cannabis licensees, gross income
  39. 54A:5-18 · Regulations
  40. 54A:5-19 · Income sourced, Corporation Business Tax Act, New Jersey…
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