New Jersey Throw Out Receipts

[Golden Rocket]

Doing a foreign corporate return for New Jersey -- not clear on what is meant
by "Throw Out Receipts."

Any Jersey folks out there who can clear up this great mystery?

[JohnH]

Reference

http://www.blankrome.com/index.cfm?contentID=37&itemID=375

This is from 2002, when they first introduced the throw out rule. It looks as though when computing NJ taxable income, you must eliminate from the denominator any receipts which are not taxed in any state, which would increase the NJ percentage of net income taxed.

[BOB W]

Makes total sense to me>>> logically. Sales not taxed anywhere, where does that happen????

[Golden Rocket]

Alaska

I guess that would be Alaska -- the only state I know of where there is no corporate taxation. Thanks for clearing this up guys. Don't know how to interpret this for foreign sales.

This taxpayer has operations in NJ and NY. Both are extremely aggressive forms. For New York, we are even required to pay in the first installment of the next year in with the corporate tax return.

When I started this thread I had delusions of people in NJ being able to throw out their cigar boxes that they bring to their accountant on April 14th...