N.J. Admin. Code § 18:7-11.15 - Consolidated returns

(a) For privilege periods ending before July 31, 2019, corporations are not permitted to file consolidated returns. Provided, however for those privilege periods:

1. Any business conducted by an individual, partnership, or corporation or any other entity, or any combination thereof holding a license pursuant to the Casino Control Act shall file a consolidated corporation business tax return as described at N.J.A.C. 18:7-1.17;

2. An air carrier, within the meaning of the term pursuant to 49 U.S.C. § 40102 may elect to file a consolidated return pursuant to N.J.S.A. 54:10A-18.1; and

3. The Director may require consolidated filing pursuant to N.J.S.A. 54:10A-10 and N.J.A.C. 18:7-5.11.

(b) Except as provided at (a) above, where a taxpayer has filed a consolidated return with the Internal Revenue Service for Federal income tax purposes, it must complete its return pursuant to the act and must reflect its entire net income and entire net worth as if it had filed its Federal return on its own separate basis.

(c) A taxpayer, pursuant to (b) above, shall also file a copy of the Affiliations Schedule Form 851, which is filed with Form 1120 for Federal income tax purposes.

(d) For mandatory unitary combined returns and elective combined returns in privilege periods ending on and after July 31, 2019, see N.J.A.C. 18:7-21.

Notes

N.J. Admin. Code § 18:7-11.15

Amended by R.1985 d.453, effective 9/3/1985.
See: 17 N.J.R. 901(a), 17 N.J.R. 2145(a).
Added text to (a): "Provided, however, any...at N.J.A.C. 18:7-1.17."
Amended by R.1991 d.35, effective 1/22/1991.
See: 22 N.J.R. 2125(a), 23 N.J.R. 221(a).
Added (d) and (e).
Amended by R.1996 d.378, effective 8/5/1996. See: 28 N.J.R. 2515(a), 28 N.J.R. 3810(a).
Deleted provisions relating to gain on the sale of target stock under IRC 338(h)(10).
Special amendment, R.2003 d.135, effective 2/27/2003 (to expire August 26, 2003).
See: 35 N.J.R. 1573(a). Rewrote (a).
Adopted concurrent amendment, R.2003 d.370, effective 8/22/2003.
See: 35 N.J.R. 1573(a), 35 N.J.R. 4310(a).
Provisions of R.2003 d.135 adopted without change. Amended by 54 N.J.R. 1819(a), effective 9/19/2022