New Jersey ~ Corporate, Personal Income Taxes: Failure of a Shareholder Trust to Make New Jersey ESBT Election Did Not Remove S Corporation Status

CCH Tax Day Report In a letter ruling the New Jersey Division of Taxation, Regulatory Services Branch, stated that under the New Jersey gross (personal) income tax an S corporation could have a shareholder that was a trust that did not elect to become a New Jersey Electing Small Business Trust (ESBT) and still not […]