New Hampshire Code of Administrative Rules
Rev - Department of Revenue Administration
Chapter Rev 300 - BUSINESS PROFITS TAX
Part Rev 303 - ADDITIONS AND DEDUCTIONS MADE TO GROSS BUSINESS PROFITS
Section Rev 303.05 - Sale or Exchange of an Interest or a Beneficial Interest in a Business Organization
Universal Citation: NH Admin Rules Rev 303.05
Current through Register No. 13, March 27, 2025
(a) A business organization that did not, in a prior tax period, make a required addition to gross business profits for an increase of the basis of an asset under RSA 77-A:4, XIV, as in effect on June 20, 2016, due to the sale or exchange of an interest or a beneficial interest in a business organization before January 1, 2016, shall not be allowed:
(1) A deduction against gross business
profits in any subsequent period for depreciation or amortization on the
increased basis in the asset to the extent of the under-reported addition to
gross business profits; and
(2) An
increase in the basis of the asset upon disposition in a subsequent period to
the extent of the under-reported addition to gross business profits.
(b) For sales or exchanges of interests in business organizations that occur on and after January 1, 2016:
(1) A business organization's election or
nonelection under RSA 77-A:4, XIV(b) shall be
irrevocable upon the filing of the original return for the tax period in which
the sale or exchange of the ownership interest occurs; and
(2) A business organization shall be deemed
to have made the election available under
RSA
77-A:4, XIV(b) if such business organization
includes in adjusted gross business profits the net increase in the basis of
all assets transferred or sold in the tax period in which the sale or exchange
of the ownership interest occurs.
Disclaimer: These regulations may not be the most recent version. New Hampshire may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
