2018 UltraTax CS
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For C Corporations, New Jersey follows federal rules. For S Corporations, 100 percent of meals and entertainment are deductible. The amount allowed for federal purposes are included on Schedule A - Computation of Entire Net Income. The remaining amount is included as a subtraction on Schedule K, Part II, New Jersey S Corporation Income (Loss).
Note: The IRS no longer permits a deduction for entertainment and New Jersey follows this disallowance.
Related topic: 1120 New Jersey frequently asked questions
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