New Jersey § 54a:5-4
Full text of New Jersey New Jersey Statutes § 54a:5-4, with citation guidance and answers to common questions.
§ 54a:5-4.
a. Except as provided in subsections b. and c. of this section, a partnership or association as such shall not be subject to the tax imposed by this
act, but the income or gain of a partner or member of a partnership or association shall be subject to the tax and the tax shall
be imposed on the partner's or member's share, whether or not distributed, of the income or gain received by the partnership
or association for its taxable year ending within or with the partner's or member's
taxable year. b. A partnership shall report and make payment of any New Jersey gross income tax
liability that results from the federal partnership audit adjustments in accordance
with subsection d. of section 8 of P.L.2022, c. 133 ( C.54:50-49 ). c. Failure of the partnership, partner, indirect partner, tiered partner, or member
to report or pay federal adjustments that result from the federal partnership audit
adjustments shall not prevent the director from assessing a partnership, partner,
indirect partner, tiered partner, or member for taxes they owe, using the best information
available, if the partnership, partner, indirect partner, tiered partner, or member
fails to timely make any report or payment required by this section for any reason.
Frequently Asked Questions About New Jersey § 54a:5-4
What does New Jersey Statutes § 54a:5-4 cover?
Section 54a:5-4 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:5-4?
A common citation format is "New Jersey Statutes § 54a:5-4" (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:5-4 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.