Vernoia, Enterline + Brewer, CPA LLC

The New Jersey Division of Taxation quarterly newsletter provides guidance regarding whether qualifying therapeutic discovery project grants would be excluded from the income of a corporation for corporation business tax purposes. For gross (personal) income tax purposes, IRC §1035 exchanges, Keogh plan contributions made by a sole proprietorship, and tax on the gain from the sale of real property are discussed. For sales and use tax purposes, the rental of storage units to tenants by an apartment complex and the urban enterprise zone point of purchase exemption is addressed, as is the taxability of the sale of a wig to a member of a particular religious community. The guidance also discusses nexus requirements relating to the litter control fee. New Jersey State Tax News, Vol. 40, No. 1, New Jersey Division of Taxation, Spring 2011

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