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New Jersey Statutes, Title: 54A, NEW JERSEY GROSS INCOME TAX ACT
Chapter 5: New Jersey gross income defined.
Section: 54A:5-12: Limits on shareholder's losses
14. a. The aggregate amount of losses or deductions of an S corporation taken into account by a shareholder of the S corporation for a taxable period pursuant to section 11 of P.L.1993, c.173 (C.54A:5-9), shall not exceed the shareholder's combined adjusted basis, determined in accordance with section 13 of P.L.1993, c.173 (C.54A:5-11), in the stock of the S corporation and any indebtedness of the S corporation to the shareholder.
b. Any loss or deduction of an S corporation which is disallowed for a taxable period pursuant to subsection a. of this section shall not be treated as incurred by the corporation in any succeeding taxable period with respect to that shareholder.
L.1993,c.173,s.14.
This section added to the Rutgers Database: 2012-09-26 13:37:57.
Older versions of 54a:5-12 (if available):
Court decisions that cite this statute:
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