N.H. Admin. Code § Rev 302.03 - Proprietorships

(a) The gross business profits of a proprietorship, except business activity conducted by a single member limited liability company, shall include:

(1) The total net profit or loss from all businesses, professions, or farming activities reported by an individual on his or her federal income tax return;

(2) The total net income or loss from rental activities reported by an individual on his or her federal income tax return;

(3) The total gain or loss from the disposition of all business assets owned by an individual on his or her federal income tax return; and

(4) The amount of an installment gain from the disposition of all business assets owned by an individual on his or her federal income tax return.

(b) A proprietorship engaged in business activity both within and without New Hampshire shall apportion its gross business profits using the provisions of RSA 77-A:3 and Rev 304.

(c) Where spouses jointly own rental property or provide services for a business activity, and do not file as a partnership for federal income tax purposes, the gross business profits from such business activity shall be reported in its entirety, on a single proprietorship return, by one of the spouses on a consistent basis.

Notes

N.H. Admin. Code § Rev 302.03

#4192, eff 12-23-86; ss by #4438, eff 6-22-88; ss by #5490, eff 10-19-92; ss by #6853, eff 9-23-98; ss by #8709, eff 8-25-06

Amended byVolume XXXV Number 06, Filed February 12, 2015 , Proposed by #10758, Effective 1/16/2015, Expires1/16/2025. Amended by Volume XXXVII Number 37, Filed September 14, 2017, Proposed by #12361, Effective 8/9/2017, Expires 8/9/2027.