N.J.A.C. 18:7-12.3 - Short Period Returns; Allocation

(a) In the case of a taxpayer entitled and electing to allocate less than the full amount of its entire net income to New Jersey, the applicable allocation factors must reflect, both in the numerator and denominator, only the period covered by the short period return.

(b) In the case described at (a) above, the allocation factors shall be applied to entire net income only after such entire net income shall have been prorated as indicated at N.J.A.C. 18:7-12.2.

(c) Subsections (a) and (b) above shall apply to combined groups required to file a short period combined return. See N.J.A.C. 18:7-21 for more information on combined reporting.