More Than Just a Little Bit – New Jersey Division of Taxation Says Convertible Virtual Currency Transactions, Like Bitcoins, Are Subject to State Sales and Use Tax, Corporation Business Tax and Gross Income Tax

The New Jersey Division of Taxation has issued a technical advisory memorandum (TAM) explaining New Jersey’s tax position that transactions involving convertible virtual currency— “electronic/digital money” with an equivalent or substitute value in real currency, such as bitcoins—are subject to state tax liability, including sales and use tax, corporation business tax and gross income tax.

Musings On Naming Rights

Musings On Naming Rights

Why is it that payments for naming rights for projects financed by tax-exempt bonds are treated as giving rise to private business use but those same payments made to a tax-exempt organization do not give rise to unrelated trade or business income?