Rutgers Law

NOTE: This section was repealed by L.2012, c. 50, effective 2014-03-01.

New Jersey Statutes, Title: 42, PARTNERSHIPS AND PARTNERSHIP ASSOCIATIONS

    Chapter 2b:

      Section: 42:2b-69: Taxation classification.

          
69. a. For all purposes of taxation under the laws of this State, a limited liability company formed under this act or qualified to do business in this State as a foreign limited liability company with two or more members shall be classified as a partnership unless classified otherwise for federal income tax purposes, in which case the limited liability company shall be classified in the same manner as it is classified for federal income tax purposes. For all purposes of taxation under the laws of this State, a member or an assignee of a member of a limited liability company formed under this act or qualified to do business in this State as a foreign limited liability company shall be treated as a partner in a partnership unless the limited liability company is classified otherwise for federal income tax purposes, in which case the member or assignee of a member shall have the same status as the member or assignee of a member has for federal income tax purposes.

b. For all purposes of taxation on income under the laws of this State and only for those purposes, a limited liability company formed under P.L. 1993, c.210 (C. 42:2B-1 et seq.) or qualified to do business in this State as a foreign limited liability company with one member is disregarded as an entity separate from its owner, unless classified other wise for federal tax purposes, in which case the limited liability company will be classified in the same manner as it is classified for federal income tax purposes. For all purposes of taxation on income under the laws of this State and only for those purposes, the sole member or an assignee of all of the limited liability company interest of the sole member of a limited liability company formed under P.L.1993, c.210 (C.42:2B-1 et seq.) or qualified to do business in this State as a foreign limited liability company is treated as the direct owner of the underlying assets of the limited liability company and of its operations, unless the limited liability company is classified otherwise for federal income tax purposes, in which case the member or assignee of a member will have the same status as the member or assignee of a member has for federal income tax purposes.

L.1993,c.210,s.69;amended 1998, c.79, s.13.



This section added to the Rutgers Database: 2012-09-26 13:37:53.