North Carolina General Statutes 105-131.2. Adjustment and characterization of income
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(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(b) Repealed by Session Laws 1989, c. 728, s. 1.35.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).)
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.