New Hampshire Code of Administrative Rules
Rev - Department of Revenue Administration
Chapter Rev 300 - BUSINESS PROFITS TAX
Part Rev 302 - COMPUTATION OF GROSS BUSINESS PROFITS
Section Rev 302.03 - Proprietorships

Universal Citation: NH Admin Rules Rev 302.03

Current through Register No. 13, March 27, 2025

(a) The gross business profits of a proprietorship, except business activity conducted by a single member limited liability company, shall include:

(1) The total net profit or loss from all businesses, professions, or farming activities reported by an individual on his or her federal income tax return;

(2) The total net income or loss from rental activities reported by an individual on his or her federal income tax return;

(3) The total gain or loss from the disposition of all business assets owned by an individual on his or her federal income tax return; and

(4) The amount of an installment gain from the disposition of all business assets owned by an individual on his or her federal income tax return.

(b) A proprietorship engaged in business activity both within and without New Hampshire shall apportion its gross business profits using the provisions of RSA 77-A:3 and Rev 304.

(c) Where spouses jointly own rental property or provide services for a business activity, and do not file as a partnership for federal income tax purposes, the gross business profits from such business activity shall be reported in its entirety, on a single proprietorship return, by one of the spouses on a consistent basis.

#4192, eff 12-23-86; ss by #4438, eff 6-22-88; ss by #5490, eff 10-19-92; ss by #6853, eff 9-23-98; ss by #8709, eff 8-25-06

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