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New Jersey depreciation adjustments will affect an individual's, estate's, or trust's determination of income reportable in the categories of net profits from business; net gains or income from disposition of property; net gains or net income from rents, royalties, patents, and copyrights; net gains or income derived ...

A New Jersey Accumulated Adjustments Account must be maintained for a resident shareholder of a New Jersey electing or a New Jersey nonelecting Federal S corporation. The shareholder's initial beginning balance is zero for the first tax year beginning after July 7, 1993.

Additionally, a negative AAA balance can prevent you from deducting losses on your individual return. This draws in the importance of tax planning. Before year-end, you should evaluate your expected ending AAA account.

Accumulated Adjustments Account of S Corporation The AAA is generally a measure of the corporation's accumulated gross income, less expenses, that has not been distributed. The AAA is zero on the first day of a corporation's first S corporation tax year.

Sales Tax Law Exempt items include: most food sold as grocery items, most clothing and footwear, disposable paper products for household use, prescription drugs, and over-the- counter drugs.

Amending a Non-Resident New Jersey Return - Form NJ-1040NR Make a copy of your client file in order to retain the original return filing. Once you've created your copy, make any necessary changes to the return. Print your amended version of NJ-1040NR and write AMENDED across the top.

Part-year residents must use Form NJ-1040 and indicate the period of their New Jersey residency. The return should show only the income received during that period. Likewise, part-year nonresidents must use Form NJ- 1040NR and indicate the period of time they were residents.

(a) A partnership having a resident New Jersey owner of an interest in the entity or having any income derived from New Jersey sources is required to file a partnership return Form NJ-1065 on or before the 15th day of the fourth month after the end of the tax year. See N.J.A.C.

Every partnership that has income or loss derived from sources in the State of New Jersey, or has any type of New Jersey resident partner, must file Form NJ-1065. A partnership must file even if its principal place of busi- ness is outside the State of New Jersey. The NJ-1065 is not solely an information return.