N.J. Admin. Code § 18:24-23.2
Current through Register Vol. 56, No. 9, May 6, 2024
The following words and terms, as used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise:
"Bad debt" has the same meaning as in the Federal definition at 26 U.S.C. § 166, except that the amount calculated according to 26 U.S.C. § 166 shall be adjusted to exclude financing charges, interest, sales or use tax charged on the purchase price, uncollectible amounts on property that remains in the seller's possession pending payment of the full purchase price, expenses incurred in attempting to collect the debt, and repossessed property.
"Claimant" means a seller seeking a deduction, credit, or refund for a bad debt.
N.J. Admin. Code § 18:24-23.2
See: 40 N.J.R. 1777(a), 40 N.J.R. 6832(a).
Section was "Bad debts; tax refund".