New Jersey Administrative Code
Title 18 - TREASURY - TAXATION
Chapter 7 - CORPORATION BUSINESS TAX ACT
Subchapter 21 - COMBINED RETURNS
Section 18:7-21.8 - Reporting the income of certain members
Universal Citation: NJ Admin Code 18:7-21.8
Current through Register Vol. 56, No. 18, September 16, 2024
(a) For a member not incorporated in the United States and where the foreign corporation did not file a Federal Form 1120-F, the income to be included in the entire net income of the combined group shall be reported, as follows:
1. The combined group may complete and attach a
1120-F, as though the member had filed the return with the Federal government;
or
2. If the other members of the
combined group have a Form 5471 that was filed for Federal purposes reporting the
income from that non-U.S. member, the combined group shall use the income
information reported on Federal Form 5471 and attach a copy of the form that was
filed with the Federal government.
(b) The International Financial Reporting Standards (I.F.R.S.), that are issued by the International Accounting Standards Board (I.A.S.B.), qualify as an acceptable method that "reasonably approximates income" pursuant to the Corporation Business Tax Act for the purposes at N.J.S.A. 54:10A-4.6.b, if that is the only method of accounting the specific entity used.
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