New Jersey Statutes 54A:5-13. Shareholder’s share of S corporation income prorated for periods of residence
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Terms Used In New Jersey Statutes 54A:5-13
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
15. For purposes of this act, if a shareholder of an S corporation is both a resident and a nonresident of this State during any taxable year, the shareholder’s pro rata share of the S corporation income allocated to this State and S corporation income not allocated to this State for the taxable period shall be further prorated between the shareholder’s periods of residence and nonresidence during the taxable period, in accordance with the number of days in each period.
L.1993,c.173,s.15.