1. (a) The gross business profits of a proprietorship, except business activity conducted by a single member limited liability company, shall include:

   1. (1) The total net profit or loss from all businesses, professions, or farming activities reported by an individual on their federal income tax return;
   2. (2) The total net income or loss from rental activities reported by an individual on their federal income tax return;
   3. (3) The total gain or loss from the disposition of all business assets owned by an individual on their federal income tax return; and
   4. (4) The amount of an installment gain from the disposition of all business assets owned by an individual on their federal income tax return.
2. (b) A proprietorship engaged in business activity both within and without New Hampshire shall apportion its gross business profits using the provisions of RSA 77-A:3 and Rev 304.
3. (c) Where spouses jointly own rental property or provide services for a business activity, and do not file as a partnership for federal income tax purposes, the gross business profits from such business activity shall be reported in its entirety, on a single proprietorship return, by one of the spouses on a consistent basis.

Source. #4192, eff 12-23-86; ss by #4438, eff 6-22-88; ss by #5490, eff 10-19-92; ss by #6853, eff 9-23-98; ss by #8709, eff 8-25-06; ss by #10758, eff 1-16-15; ss by #12361, eff 8-9-17; ss by #14231, eff 4-3-25, EXPIRES 4-3-35