On Feb 12, 5:50*am, "Allan Martin" <Al...[at]Badboy.com> wrote:
- quote -


I didn't mean YOU were too lazy to look it up; I meant *I* was too
lazy!

Katie

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"Katie" <katiej_1958[at]yahoo.com> wrote in message
news:7775d324-f296-402f-ae4d-9b8fbe821358[at]1g2000hsl.googlegroups.com...
- quote -


Not lazy, just thinking out loud. I tried entering a negative amount in
Proseries and it did not gereate an error message. I don't believe NJ wants
taxpayers to know, all they want is more money.



- quote -

When you reply to anothe rpost, please delete any material in the prior
post that is not required for context, or to which you are not responding.
This will make your comments more readable and save everyone time.
Thanks for your cooperation.

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On Feb 11, 3:38*pm, "Allan Martin" <Al...[at]Badboy.com> wrote:
- quote -


No, no negatives, and losses don't offset gains for this purpose. Too
lazy go back and look up the cite, but it's in the reg <G> . Actually
I think it's a sentence that immediately follows the quote above from
N.J. Admin. Code
18:7-8.9(a).

NJ certainly doesn't make it easy to find these answers, unless there
is something obvious that I missed!

Katie

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"Katie" <katiej_1958[at]yahoo.com> wrote in message
news:0d2a826d-ec29-4f4b-868c-94cedc14e32e[at]h11g2000prf.googlegroups.com...
- quote -

Wow, thanks for all the work you put into your answer. The client made a
large profit on the sale of the real estate which still puts them at of
maximum $2,000 level.

Just wondering out loud, what if the taxpaper sold the property at a loss
could they report a negative "Other Gross Receipts earned in New Jersey"?





- quote -

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On Feb 10, 11:45*am, "Allan Martin" <Al...[at]Badboy.com> wrote:
- quote -

and it isn't a lot more detailed than the list on the form. The form
instructions are no help either. The only place where a sale of real
(as opposed to tangible personal) property would fit, as you suggest,
is under "other business receipts earned in New Jersey."

The best reference I found for this is in a Q&A issued by the NJ
Department of Revenue on January 1, 2004. The response to Question 42
is that for purposes of the alternative minimum assessment, the
Corporation Business Tax sales factor numerator rules will be used to
determine NJ gross receipts. New Jersey Corporation Business Surtax
and Minimum Tax Changes, 07/11/2006, says the new minimum tax
definition of NJ gross receipts is the same as for the AMA.
Sooooo....it appears we should look to the CBT apportionment rules.
N.J. Admin. Code 18:7-8.12 lists sales of capital assets and sales of
real property under "other business receipts," so we must be on the
right track.

For sales of capital assets, that reg refers to N.J. Admin. Code
18:7-8.9, which says:

"(a) The gross receipts from sales of capital assets (property not
held by the taxpayer for sale to customers in the regular course of
business) either within or without New Jersey should not be included
in either the numerator or denominator of the receipts fraction. The
net gains from such sales which are included in entire net income are
the amounts which are properly to be included in the computation of
the receipts fraction."

"(b) Where the taxpayer's business is the buying and selling of real
estate or the buying or selling of securities for trading purposes,
these assets are not deemed to be capital assets and the gross
receipts from the sales thereof are included in the same manner as
other includable receipts."

If the property sold was a capital asset in the hands of the S
corporation, the net gain, not the gross receipt, is "NJ gross
receipts." If the corporation's business was buying and selling real
estate, the gross receipt would be "NJ gross receipts." Either way,
it goes under Item 5, "Other business receipts earned in New Jersey."

Whew!

Katie in San Diego

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"Benjamin Yazersky CPA" <byaz55[at]lycos.com> wrote in message
news:d3708784-d3ab-4236-abfd-1810ebaee841[at]s37g2000prg.googlegroups.com...
- quote -

Ben, I am the CPA, my question concerns the minimum tax for the CBT-100S.



- quote -

Please remove from your post the parts of the post to which you respond
that are not required for context, or are not the text to which you
respond. Thank you for your assistance.

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Feb 10, 2:45 pm, "Allan Martin" <Al...[at]Badboy.com> wrote:
- quote -

If you sold rental property, it is most likely a capital gain.
You should consult your own CPA/tax advisor.


___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] > > -----> real address on hobokeni or hobokenx <-----



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A New Jersey S-Corp sold its only asset, rental real estate located in NJ
in 2007. For purposes of calculating the minimum tax for the CBT-100S should
the sales price of property be classified as all other business receipts
earned in New Jersey?

Is there any source were the definition for NJ Gross Receipts is given?

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >