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New Jersey Partnership Return Deduction of IRC Section 179 Expense

In preparing a New Jersey Partnership Return, NJ-1065, for tax years beginning on or after January 1, 2004 the IRC Section 179 expense reported on Schedule K, Federal Form 1065 should be included on Line 15g Other Subtractions.

The Gross Income Tax Depreciation Adjustment Worksheet, GIT-DEP, is used to calculate the New Jersey depreciation adjustment. If the result is a net addition, it is included on Line 13b, Other Additions. If the result is a net subtraction, it is included on Line 15g, Other Subtractions.

Last Updated: Wednesday, 08/20/14

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