Form Cbt-2553 - New Jersey S Corporation Or New Jersey Qsss Election Page 2
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4Qualified Subchapter S Subsidiary Election
Part V
Corporation’s Consent Statement
- The above named corporation consents (1) to the election to be treated as a “New Jersey Qualified
Subchapter S Subsidiary”, and (2) to file a CBT-100S reflecting the $500 minimum tax liability or the $2,000 minimum tax liability if the taxpayer is a
member of an affiliated group or a controlled group whose group has a total payroll of $5,000,000 or more for the privilege period. (An authorized offi-
cer must sign and date below.)
Under penalties of perjury, I declare that I have examined this election, and to the best of my knowledge and belief, it is true, correct, and complete.
__________________________________________________________________________________________________________________
Signature of authorized officer
Title
Date
Corporate Parent Company’s Consent Statement
- By signing this election, the undersigned corporation consents (1) to the subsidiary’s elec-
tion to be treated as a “New Jersey Qualified Subchapter S Subsidiary” and (2) to taxation by New Jersey by filing a CBT-100S or a CBT-100 and
remitting the appropriate tax liability including the assets, liabilities, income, and expenses of its QSSS.
Corporate Parent Name
Address
FID Number
Under penalties of perjury, I declare that I have examined this election, and to the best of my knowledge and belief, it is true, correct, and complete.
_______________________________________________________________________________________________________________________________________________
Signature of authorized officer
Title
Date
INSTRUCTIONS for Form CBT-2553
1. Purpose - A corporation must file form CBT-2553 to elect to be
shareholders holding more than 50% of the outstanding shares of
treated as a New Jersey S corporation or a New Jersey QSSS or
stock on the day of revocation should be mailed to the address in
instruction 3 on or before the last day of the first tax year to which
to report a change in shareholders. Check the appropriate box to
the election would otherwise apply. A copy of the original election
indicate if this is an initial S corporation election or a change in S
should accompany the letter of revocation. Such a revocation will
or QSSS corporation shareholders or a New Jersey QSSS elec-
tion.
render the original election null and void from inception.
7. Initial election - Complete Parts I, II and III in their entirety for an
2. Who may elect - A corporation may make the election to be treat-
ed as a New Jersey S corporation only if it meets all of the follow-
initial New Jersey S Corporation election. Each shareholder who
owns (or is deemed to own) stock at the time the election is made,
ing criteria:
must consent to the election. A list providing the social security
a) The corporation is or will be an S corporation pursuant to
number and the address of any shareholder who is not a New
section 1361 of the Federal Internal Revenue Code;
Jersey resident must be attached when filing this form.
b) Each shareholder of the corporation consents to the election
8. Reporting shareholders who were not initial shareholders -
and the jurisdictional requirements as detailed in Part II of
Complete Parts I, II and III when filing this form to report any new
this form;
shareholder. A new shareholder is a shareholder who, prior to the
c) The corporation consents to the election and the assumption
acquisition of stock, did not own any shares of stock in the S cor-
of any tax liabilities of any nonconsenting shareholder who
poration, but who acquired stock (either existing shares or shares
was not an initial shareholder as indicated in Part III of this
issued at a later date) subsequent to the initial New Jersey S cor-
form.
poration election. If a new shareholder fails to sign a consent
statement, the corporation is obligated to fulfill the tax require-
3. Where to file - Mail form CBT-2553 to: New Jersey Division of
ments as stated in Part III on behalf of the nonconsenting share-
Revenue, PO Box 252, Trenton, NJ 08646-0252 (Registered Mail
holder. An existing shareholder whose percentage of stock own-
Receipt is suggested)
ership changes is not considered a new shareholder. If the tax-
4. When to make the election - The completed form CBT-2553 shall
payer previously had elected to be treated as a New Jersey QSSS,
be filed within one calendar month of the time at which a Federal
the new shareholder must also complete Part V.
S corporation election would be required. Specifically, it must be
9. Part IV should only be completed for any person who is no longer
filed at any time before the 16th day of the fourth month of the first
a shareholder of the corporation. You do not have to enter any
tax year the election is to take effect (if the tax year has 3-1/2
shareholder who sold or transferred all of his or her stock before
months or less, and the election is made not later than 3 months
the election was made. All changes can be filed with the S corpo-
and 15 days after the first day of the tax year, it shall be treated as
ration final return.
timely made during such year). An election made by a small busi-
10. Part V must be completed in order to permit a New Jersey S
ness corporation after the fifteenth day of the fourth month but
before the end of the tax year is treated as made for the next year.
Corporation to be treated as a New Jersey Qualified Subchapter S
Subsidiary and remit only a minimum tax. In addition, the parent
5. Acceptance or non-acceptance of election - The Division of
company also must consent to filing and remitting New Jersey
Revenue will notify you if your election is accepted or not accept-
Corporation Business Tax which would include the assets, liabili-
ed within 30 days after the filing of the CBT-2553 form. If you are
ties, income and expenses of its QSSS along with its own. Failure
not notified within 30 days, call (609) 292-9292.
of the parent either to consent or file a CBT-100 or CBT-100S for
6. End of election - Generally, once an election is made, a corpora-
a period will result in the disallowance of the New Jersey QSSS
tion remains a New Jersey S corporation as long as it is a Federal
election and require the subsidiary to file and remit a CBT-100S
S corporation. There is a limited opportunity to revoke an election
determining its own liability.
only during the first tax year to which an election would otherwise
apply. To revoke an election, a letter of revocation signed by
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