Schedule O - Nonoperational Activity Packet For Taxable Years Ending On Or After July 31, 2007 Page 5
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83. Line 31 - Enter the portion of the net operational income for
d. Nonoperational gains and losses from sales or
each activity taxable to New Jersey. Detail the methodolo-
exchanges of intangible property, including capital
gy and the computation on a separate rider. See instruction
assets where intangible property is wholly or in part
6 below for specific guidelines on the extent nonoperational
managed, controlled, or accounted for by employees or
activity is taxable by New Jersey. Carry the total nonopera-
agents located in New Jersey during at least part of the
tional income to line 4(b) of Form CBT-100. Enter the total
holding period of the asset are 100% taxable to New
on Form CBT-100S, Schedule K or Schedule K Liquidated,
Jersey to the extent of the ratio of expenses for the con-
Part III, Line 5.
trolling employees or agents in New Jersey to those
expenses everywhere.
4. Line 34 - List all other states, if any, to which each nonop-
erational activity or income has been taxed. If the income
e. Nonoperational interest and dividends where the under-
was taxed as part of a combined reporting group as opera-
lying investment is wholly or in part researched, man-
tional income, place an asterisk by that State’s name.
aged, controlled, or accounted for by employees or
agents located in New Jersey are 100% taxable to New
5. Nonoperational income, less attributable expenses, will be
Jersey to the extent of the ratio of expenses of the con-
taxed by New Jersey when either the activity or property
trolling employees or agents in New Jersey to those
itself has nexus to New Jersey or when the corporation’s
expenses everywhere.
principal place of business management or direction is in
New Jersey.
f.
Nonoperational rents and royalties from patents, copy-
rights, trademarks, service marks, secret processes and
a. When the nonoperational activity itself does not have
formulas, franchises and like property are 100% taxable
nexus to New Jersey other than by reason of the taxpay-
to the extent of the business allocation factor reported to
er’s principal place of business management being in
New Jersey by the user of the underlying property for
New Jersey, the nonoperational income related to that
that period.
activity, less attributable expenses, will be assigned to
and taxed in New Jersey by use of the business alloca-
g. Other nonoperational income constitutionally taxable
tion factor to the extent it is not taxed in other jurisdic-
by New Jersey will be taxed to a reasonable extent
tions. If 100% of the income is attributable to New
based upon the facts and circumstances. For example,
Jersey then carry the total income subject to tax to page
under circumstances where the nonoperational activity
1, line 4(b) of Form CBT-100 and to Schedule O, Part
has nexus to more than one jurisdiction, including New
III, line, 31.
Jersey, it may be appropriate to assign the income using
the traditional three fraction factor of the nonoperational
b. Nonoperational net rents and royalties from real or tan-
activity.
gible personal property located in New Jersey for at
least a portion of the filing period are 100% taxable by
6. Net nonoperational losses cannot be used to offset taxable
New Jersey to the extent the asset maintained physical
operational income in current, prior or future periods.
situs in New Jersey.
a. A net loss in any discreet, separate nonoperational activ-
c. Nonoperational gains and losses from sales or
ity may not be used to reduce the net income or tax lia-
exchanges of real or tangible personal property located
bility of any other discrete, separate, nonoperational
in New Jersey during at least part of the filing period or
activity in current, prior or future periods.
the holding period of the assets are 100% taxable to
New Jersey to the extent the asset maintained physical
situs in New Jersey.
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