2010 North Carolina Code
Chapter 105 Taxation.
Article 4 - Income Tax.
105-160.2. Imposition of tax.

105‑160.2. Imposition of tax.

The tax imposed by this Part shall apply to the taxable income of estates and trusts as determined under the provisions of the Code except as otherwise provided in this Part. The taxable income of an estate or trust shall be the same as taxable income for such an estate or trust under the provisions of the Code, adjusted as provided in G.S. 105‑134.6 and G.S. 105‑134.7, except that the adjustments provided in G.S. 105‑134.6 and G.S. 105‑134.7 shall be apportioned between the estate or trust and the beneficiaries based on the distributions made during the taxable year. The tax shall be computed on the amount of the taxable income of the estate or trust that is for the benefit of a resident of this State, or for the benefit of a nonresident to the extent that the income (i) is derived from North Carolina sources and is attributable to the ownership of any interest in real or tangible personal property in this State or (ii) is derived from a business, trade, profession, or occupation carried on in this State. For purposes of the preceding sentence, taxable income and gross income shall be computed subject to the adjustments provided in G.S. 105‑134.6 and G.S. 105‑134.7. The tax on the amount computed above shall be at the rates levied in G.S. 105‑134.2(a)(3). The tax computed under the provisions of this Part shall be paid by the fiduciary responsible for administering the estate or trust. (1989, c. 728, s. 1.38; 1989 (Reg. Sess., 1990), c. 814, s. 21; 1991, c. 689, s. 302; 1998‑98, s. 69.)