New Jersey Statutes 54:10A-5.22a. Regulatory requirements, granting retroactive election, authorization
Current as of: 2024 | Check for updates
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Terms Used In New Jersey Statutes 54:10A-5.22a
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
24. The Directors of the Divisions of Revenue and Enterprise Services and Taxation, when determining whether to grant retroactive election of S corporation status, shall liberally construe regulatory requirements in favor of the corporation and shall have the discretion to authorize retroactive S corporation status in circumstances in which a taxpayer may not be capable of meeting all regulatory requirements for such retroactive election through no fault of the taxpayer.
L.2022, c.133, s.24.