2010 North Carolina Code
Chapter 105 Taxation.
Article 4 - Income Tax.
105-131.2. Adjustment and characterization of income.
105‑131.2. Adjustment and characterization of income.
(a) Adjustment. Each shareholder's pro rata share of an S Corporation's income is subject to the adjustments provided in G.S. 105‑134.6.
(b) Repealed by Session Laws 1989, c. 728, s. 1.35.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 G.S. 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.)
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