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Form 1120-S (Schedule K-1) Elizabeth New Jersey: What You Should Know

S. Corporation, the minimum tax is assessed on the number of its shares of stock as determined on the close of its taxable  year. Line 1 and line 7 of Part II should be filled in with the same amount of the same class of stock. The taxpayer may  have been elected to report its share of New Jersey net income in accordance with its election in its New Jersey  Schedule K.  Line 1. Income reported for Line 1 of Part II does not include: A capital loss that is excluded from net investment income. An exclusion amount  provided that the taxpayer elects to report this income on its return (even if it is not actually excluded). An amount,  deducted to reduce its tax on the dividends that it receives for shares of its class of stock. An amount received with respect  to its shares of capital stock that is reported on Schedule K. To determine these amounts, the taxpayer must use the  method of determining the dividends described in (B). The following examples show how to calculate dividends. (i) Example 1 : Example 2 : Example 3 : (iii) Example 4 : A taxpayer is a New Jersey corporation (N-N) with total stock of (1,000,000 shares of its class of stock). The taxpayer has 1 share of class A preferred stock, each share of class A preferred stock representing one dollar (1) of capital and is entitled to 2 shares of class A common stock. See the description of capital in  Paragraph 2.c of the article New Jersey General Corporation Tax, Tax on Capital Gains and Dividends for further information. The corporation has 1,000 shares of class A preferred stock outstanding and is not entitled to any dividends or other distributions. The tax on the corporation is assessed on the basis of the corporation's capital stock of 1,000,000 shares of class A preferred stock. The corporation pays a 1,000,000,000 tax on each share of class A common stock for the New Jersey level of tax (i). (1) A corporation pays a 1,000,000,000 tax on capital stock because it has 1,000,000,000 shares of capital stock and each share has a 1 of capital. The corporation's 1 capital per share of class A common stock is determined by multiplying a portion of the corporation's capital.

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