Rev. Rul. 73-63

Revenue Ruling 71-46, 1971-1 C.B. 63, holds, in part, that the taxes imposed by the State of New Jersey upon personal property accrues for Federal income tax purposes on January 1. This accrual date pertains only to the personal property taxes assessed against the personal property described in section 54:4-1 of the New Jersey Statutes Annotated, as amended (Statutes). Such property includes only tangible goods and chattels, exclusive of inventories, used in the business of telephone, telegraph and messenger systems, companies, corporations or associations subject to tax under chapter 4, laws of 1940, as amended. Revenue Ruling 71-46 does not pertain to the personal property tax imposed by section 54:11 A-1 of the Statutes.

For the accrual date of the personal property taxes imposed by the Business Personal Property Tax Act of New Jersey (Section 54:11 A-1 of the Statutes) see Revenue Ruling 70-261, 1970-1 C.B. 121, which holds that such date is October 1 of the year preceding the year in which the tax is payable.

Revenue Ruling 71-46 is hereby clarified.