Schedule O - Nonoperational Activity Packet For Taxable Years Ending On Or After July 31, 2007 Page 4
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8e. Line 31 - If nonoperational capital gains are used to off-
recognize as nonoperational any asset that does not meet
set operational capital losses in determining Federal
either the transactional, functional, or operational tests.
Taxable Income, the amount of the operational capital
COMPLETING THE FORM:
loss offset must be subtracted from the total nonopera-
2. Line 1 - Prior Years’ Net Nonoperational Assets
tional income to effect the elimination of the nonopera-
Enter the total original Federal basis for all nonoperational
tional activity from entire net income.
assets acquired prior to the current period that the corpora-
tion still owns and claims to be nonoperational assets to
f.
Line 32 - Enter the adjustments required to reflect the
New Jersey.
elimination of New Jersey adjustments to Federal
Taxable Income on nonoperational activity reported
3. Line 2 - Current Year’s Nonoperational Assets
originally on lines 29, 30, 31, 32, 33, 35 and 37 of
a. Description - Enter the quantity purchased and the gen-
Schedule A.
eral nature of the asset purchased (e.g., 1 each - machin-
ery, 1 each - building, 100 shares - XYZ, $2,000 -
Example 3
Bonds, etc.).
Corporation D reported dividend income of
$1,000.00 from various non-subsidiary companies,
b. Date Acquired - Indicate the date the asset was first
of which the corporation claimed that $300.00 in
acquired. If the asset was acquired in a prior year and
dividends from Corporation E is nonoperational
its status changed from operational to nonoperational in
income. Since 50% of the $300.00 is excluded on
the current reporting period, then enter as a second date
line 37, an adjustment subtracting $150.00 from
the date such status changed in this reporting period.
nonoperational income is required to eliminate the
double exclusion.
c. Federal Basis - Indicate the ORIGINAL Federal tax
basis used to carry the asset for Federal Income Tax pur-
g. Line 33 - Enter any other adjustments required to prop-
poses.
erly reflect the elimination of the nonoperational
income. Please submit a separate rider detailing this
d. New Jersey Nexus - Indicate whether the nonopera-
amount.
tional asset has a New Jersey nexus. Answer YES
where the asset was physically located in New Jersey or
h. Line 34 represents the sum of lines 30(a), 31, 32 and 33
where any of the activity related to its purpose, or its
and represents the net adjustments required to eliminate
management, or its use, or its disposition, took place in
the effect of nonoperational income from entire net
whole or in part within this State during any portion of
income for current period activity. Enter the total on
its holding period.
Form CBT-100S, Schedule K or Schedule K Liquidated,
Part III, Line 1a.
4. Line 3 - Current Year’s Disposition of Nonoperational
Assets: Enter the original Federal tax basis of any assets
i.
Line 35 reflects the recapture of prior period deductions
purchased in the current period and disposed of during the
when in prior periods property had been classified as
current period and included on Line 2 of the Schedule O,
operational property and is later demonstrated to have
Part II.
been nonoperational property and is subsequently dis-
posed of, all expenses, without limitation, deducted in
5. Line 5 - Current Year’s Disposition of Prior Year Purchases:
prior periods related to the nonoperational property
Enter the original Federal tax basis of any prior year pur-
must be added back and recaptured as income in the
chases disposed of during the current period.
period of disposition of such property.
6. Additional Questions - ALL questions must be answered.
j.
Line 36 reflects the sum of lines 34 and 35 and is the
Provide the appropriate responses and, where necessary,
total adjustment required to eliminate the effect of non-
provide the additional information requested. If additional
operational activity from entire net income. The total on
space is required, provide supplementary riders.
this line is carried to Schedule A, line 33(c) of Form
CBT-100 or Schedule A, line 37(b) of Form CBT-100S.
SCHEDULE O - PART III
1. Part III details and computes the applicable amounts of New
SCHEDULE O - PART II
Jersey Corporation Business Tax due on nonoperational
1. Nonoperational assets defined: Nonoperational assets are
activity(ies) which may be wholly or partially taxable by
assets NOT acquired, managed, used, or disposed of in the
New Jersey.
normal or ordinary course of business, or which did not gen-
erate business expenses or income during their holding peri-
2. Lines 1 through 30 separately detail the income and
od. In determining the operational versus nonoperational
expense items applicable for each nonoperational activity.
asset status, and hence the income and gains, and expenses
Attach additional schedules as required if the number of
and losses associated therewith, the corporation shall not
activities exceeds two.
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