Based on our interpretation of the code, in this example all unearned income, loss and expense is zero, and NII matches unearned income or loss calculated in grossincome.
Various costs are subtracted from the revenues to calculate various progressively smaller measures of profit and loss: grossincome, net income, EBITDA (earnings before interest, taxes, depreciation and amortization), taxable income, etc.
The New Jersey GrossIncome Tax Act does not follow federal law regarding carry-forward and carry-back losses and the loss on the 2008 New Jersey individual income tax return can only be netted against gains or income reported in the category Net gains or income from disposition of property.