N.J. Admin. Code § 18:7-5.6

Current through Register Vol. 56, No. 9, May 6, 2024

Section 18:7-5.6 - Adjustment of entire net income to period covered by return; how computed

(a) If the entire net income required to be reported is for a period other than a period covered by the taxpayer's Federal income tax return, the taxpayer shall compute its net income as follows:

1. Its Federal taxable income is first adjusted in the manner set forth on 18:7-5.1 through 5.4;

2. The result is then divided by the number of calendar months or parts thereof covered by the Federal income tax return;

3. The result is then multiplied by the number of the calendar months or parts thereof covered by the return under the Corporation Business Tax Act. A part of a month shall be deemed to be a month.

N.J. Admin. Code § 18:7-5.6

Amended by 49 N.J.R. 1694(a), effective 6/19/2017