New Jersey Administrative Code
Title 18 - TREASURY - TAXATION
Chapter 7 - CORPORATION BUSINESS TAX ACT
Subchapter 5 - ENTIRE NET INCOME; DEFINITION, COMPONENTS AND RULES FOR COMPUTING
Section 18:7-5.3 - Tax paid to foreign country or United States possession; when deductible from net income
Universal Citation: NJ Admin Code 18:7-5.3
Current through Register Vol. 56, No. 18, September 16, 2024
(a) With respect to foreign taxes required to be included in income as dividends received under I.R.C. § 78, no deduction from Federal taxable income is permitted if 100 percent of the dividend received amount is deductible therefrom under N.J.A.C. 18:7-5.2(a) 2i.
1. However, if 100 percent of the foreign tax
amount is not deductible from Federal taxable income as dividends received under
18:7-5.2(a) 2i, then
the percentage which is taxed may be deducted from Federal taxable income. No other
foreign taxes are deductible.
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