Section Rev 2403.01 - Net Earnings from Self-Employment Retained in the Business Enterprise(a) A business enterprise may deduct from its enterprise value tax base, the amount of net earnings from self-employment which: (1) Are retained and used for the reasonable needs of the business enterprise; and(2) Have previously been, or are currently being, taxed under RSA 77-A as the business profits of the business enterprise.(b) The reasonable needs of the business enterprise shall not include the following: (1) The total amount of any deduction taken for the personal services of a proprietor or partner for business profits tax purposes under RSA 77-A:4, III; or(2) The amount of funds loaned by the business enterprise to the proprietor, partners or any directly or indirectly related party under the provisions of the IRC.(c) The business enterprise shall maintain accounting records that are sufficient to analyze all transactions between the business enterprise and: (2) Any related party under the provisions of the IRC; and(3) The amount of funds needed by the business enterprise for its current and future operations.N.H. Admin. Code § Rev 2403.01
INTERIM #5708, eff 9-23-93, EXPIRED: 1-21-94; ss by #5774, eff 1-21-94; ss by #7178, eff 12-23-99, EXPIRED: 12-23-07
New. #9065, eff 1-10-08
Amended by Volume XXXVI Number 06, Filed February 11, 2016, Proposed by #11032, Effective 1/29/2016, Expires 1/29/2026.