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Post details: New Jersey --Corporate Income Tax: Sourcing Rule for IRC §338 Transaction Added
07/19/07
New Jersey --Corporate Income Tax: Sourcing Rule for IRC §338 Transaction Added
CCH (cch.taxgroup.com) reports:
For purposes of the New Jersey corporation business tax, receipts from the sale of tangible and intangible assets in a transaction pursuant to IRC §338(h)(10) (regarding nonrecognition of gain or loss by a target corporation together with the nonrecognition of gain or loss on the sale of stock by a selling consolidated group) are allocated and sourced to New Jersey by multiplying the gain by a three-year average of the allocation factors used by a target corporation for its three tax return periods immediately prior to the sale.
N.J.A.C. 18:7-8.12 , New Jersey Division of Taxation, effective July 16, 2007.
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