N.C. Gen. Stat. § 105-131.2
Adjustment and characterization of income
Redline — June 1, 2021 → current.View current text →
Current — April 1, 2022
As of June 1, 2021
(1) Adjustment. - Each shareholder's pro rata share of an S Corporation's income is subject to the adjustments provided in G.S. 105-153.5 and G.S. 105-153.6.
(1) Adjustment. — Each shareholder’s pro rata share of an S Corporation’s income is subject to the adjustments provided in G.S. 105-153.5 and G.S. 105-153.6.
(2) Repealed by Session Laws 1989, c. 728, s. 1.35.
(2) Repealed by Session Laws 1989, c. 728, s. 1.35.
(3) Characterization of Income. - S Corporation items of income, loss, deduction, and credit taken into account by a shareholder pursuant to G.S. 105-131.1(b) are characterized as though received or incurred by the S Corporation and not its shareholder.
(3) Characterization of Income. — S Corporation items of income, loss, deduction, and credit taken into account by a shareholder pursuant to G.S. 105-131.1(b) are characterized as though received or incurred by the S Corporation and not its shareholder.
History
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.