New Jersey Administrative Code
Title 18 - TREASURY - TAXATION
Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX
Subchapter 8 - ASSESSMENT AND VALUATION
Section 18:26-8.13 - "Close" or "family" corporation
Universal Citation: NJ Admin Code 18:26-8.13
Current through Register Vol. 56, No. 18, September 16, 2024
(a) To the extent that the valuation of stock of a "close" or "family" corporation is generally incapable of being appraised on the basis of arms-length sales of stock, the Director will base the value of such corporation on the following data to be submitted with the return:
1. The basis of the clear market value
reported in the return;
2. A detailed
balance sheet and profit and loss statement, revised to reflect the market value of
the assets thereof as distinguished from the net book value, as of the date of death
of the decedent, or as near thereto as the Director may deem acceptable;
3. Detailed balance sheets establishing the net
worth of the corporation for each of the three years preceding the date of death of
the decedent;
4. Detailed profit and
loss statements for the three years immediately preceding the date of the death of
the decedent;
5. A copy or copies of any
stock purchase or option agreement to which the decedent was a party at the time of
his or her death;
6. A copy or copies of
any insurance policies, if any, held by the corporation as beneficiary on the life
of the decedent. The proceeds of such insurance are included as an asset of the
corporation on the date of death in arriving at the value of the stock;
and
7. If corporation owned realty,
description of same, assessed and market value thereof should be shown.
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