North Carolina General Statutes 105-131.2. Adjustment and characterization of income
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Terms Used In North Carolina General Statutes 105-131.2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(a) Adjustment. – Each shareholder’s pro rata share of an S Corporation‘s income is subject to the adjustments provided in N.C. Gen. Stat. § 105-153.5 and N.C. Gen. Stat. § 105-153.6
(b) Repealed by Session Laws 1989, c. 728, s. 1.35.
(c) Characterization of Income. – S Corporation items of income, loss, deduction, and credit taken into account by a shareholder pursuant to N.C. Gen. Stat. § 105-131.1(b) are characterized as though received or incurred by the S Corporation and not its shareholder. (1987 (Reg. Sess., 1988), c. 1089, s. 1; 1989, c. 728, ss. 1.33, 1.35; 1993, c. 485, s. 8; 2006-17, s. 1; 2013-316, s. 1.3(a).)