S corporation income definition

S corporation income means the net of an S corporation's items
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S corporation income means the net of an S corporation's items of income, loss or deduction taken into account by the shareholder in the manner provided in section 1366 of the federal Internal Revenue Code of 1986, 26 U.S.C. s.1366; provided however that:
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S corporation income means the net of an S corporation’s items of income, loss, or deduction[, and] determined without exclusion of items of income properly taxable or deduction of expenses or losses prohibited for [Gross Income Tax] gross income tax purposes.
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Examples of S corporation income in a sentence

  • Total the earned income (wages, net profits from business, partnership in- come, and S corporation income) you re- ceived for the entire year.

  • Line 21 - Net Pro Rata Share of S Corporation IncomeEnter on Line 21 the amount of your net pro rata share of S corporation income, whether or not the income was actually distributed.

  • However, if you bought the CDO at a premium or acquisitionReporting S corporation income, deduc- tions, and credits.

  • If you paid in- come taxes or wage taxes to another ju- risdiction on your S corporation income and that income is also taxed in New Jer- sey for the same tax year, you may be eli- gible for a credit.

  • No credit is allowed, however, for tax imposed by another ju- risdiction on S corporation income which is allocated to New Jersey.

  • Total S corporation income, as adjusted (add lines 1 through 2f) 4.

Related to S corporation income

  • S corporation means a person that has made an election under subchapter S of Chapter 1 of Subtitle A of the Internal Revenue Code for its taxable year.

  • QUALIFIED MUNICIPAL CORPORATION means a municipal corporation that, by resolution or ordinance adopted on or before December 31, 2011, adopted Ohio adjusted gross income, as defined by section 5747.01 of the Ohio Revised Code, as the income subject to tax for the purposes of imposing a municipal income tax.

  • Domestic Corporation means an entity that is treated as a corporation for United States federal income tax purposes and is a U.S. Tax Person.

  • Nonprofit corporation means a nonstock corporation organized under ch. 181 that is a nonprofit corporation, as defined in s. 181.0103 (17).

  • Publicly traded partnership means any partnership, an interest in which is regularly traded on an established securities market. A “publicly traded partnership” may have any number of partners.

  • Disregarded Entity means a single member limited liability company, a qualifying subchapter S subsidiary, or another entity if the company, subsidiary, or entity is a disregarded entity for federal income tax purposes.