New Jersey § 54a:5-12
Full text of New Jersey New Jersey Statutes § 54a:5-12, with citation guidance and answers to common questions.
§ 54a:5-12.
a. The aggregate amount of losses or deductions of an S corporation taken into account
by a shareholder of the S corporation for a taxable period pursuant to section 11
of P.L.1993, c. 173 ( C. 54A:5-9 ), shall not exceed the shareholder's combined adjusted basis, determined in accordance
with section 13 of P.L.1993, c. 173 ( C. 54A:5-11 ), in the stock of the S corporation and any indebtedness of the S corporation to
the shareholder. b. Any loss or deduction of an S corporation which is disallowed for a taxable period
pursuant to subsection a. of this section shall not be treated as incurred by the
corporation in any succeeding taxable period with respect to that shareholder.
Frequently Asked Questions About New Jersey § 54a:5-12
What does New Jersey Statutes § 54a:5-12 cover?
Section 54a:5-12 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 54a:5-12?
A common citation format is "New Jersey Statutes § 54a:5-12" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 54a:5-12 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.