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Form 8883 for New Jersey: What You Should Know

Section 338A does not apply to transactions that occur after January 21, 2002, that have been completed in New Jersey, but since have taken place in a foreign state or another state which does not tax companies that acquire such properties. The IRS released an update to the guidance relating to the tax application of Section 338(a) for the deemed sale of assets of a foreign corporation, which provides the following: (i) The determination of whether the entity has a permanent establishment in New Jersey shall be based solely on the facts and circumstances of each case, which may be substantially different from and in a different field of economic activity from the facts and circumstances of other cases or circumstances. Accordingly, the determination of whether a transfer or sale of property from the New T,’s New T,” corporation to other foreign corporations is a transaction that occurs in a market that is substantially different from the market in the other states included in the guidance, must be made on the basis of the facts and circumstances of each separate case, which may be substantially different from and in a different field of economic activity from the facts and circumstances of other cases and circumstances. In the case of a deemed sale transaction, if the transferor corporation will be liable to New Jersey sales taxes on the sale of property acquired by its foreign arm after such transferor is liable to New Jersey taxes on the acquisition of the property, which are equal to the highest of 5.25 percent or its highest state tax rate, at the time of the acquisition, and after any necessary local adjustments to the foreign subsidiary corporation's rate of sales tax. (Note that New Jersey rates are generally lower than the combined federal rates for New Jersey and New York). The following tables illustrate the application of New York tax laws to the transferor's corporation and the subsidiary's New T,” corporation: Table 1: New York State Income Tax with Deduction of Federal Tax on New York Sales, and Sale, of Property, from a Non-Resident New T,” Corp. to a Residency Taxpayer in New Jersey. Table 2: New York State Income Tax on the Sale of Property, from a Non-Resident New T,” Corp., to a Residency Taxpayer in New Jersey.

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