North Carolina General Statutes 105-163.38. Definitions
The following definitions apply in this Article, unless the context requires otherwise:
(1) Code. – Defined in N.C. Gen. Stat. § 105-228.90
Terms Used In North Carolina General Statutes 105-163.38
- 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.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
- month: shall be construed to mean a calendar month, unless otherwise expressed; and the word "year" a calendar year, unless otherwise expressed; and the word "year" alone shall be equivalent to the expression "year of our Lord. See North Carolina General Statutes 12-3
(1a) Corporation. – Defined in section 7701 of the Code.
(2) Estimated tax. – The amount of income tax the corporation estimates as the amount imposed by Article 4 for the taxable year.
(3) Fiscal year. – An accounting period of 12 months ending on the last day of any month other than December.
(4) Secretary. – The Secretary of Revenue.
(5) Taxable year. – The calendar year or fiscal year used as a basis to determine net income under Article 4. If no fiscal year has been established, “fiscal year” means the calendar year. In the case of a return made for a fractional part of the year under Article 4, or under rules prescribed by the Secretary, “taxable year” means the period for which the return is made.
(6) (Effective for taxable years beginning on or after January 1, 2022) Taxed pass-through entity. – Defined in N.C. Gen. Stat. § 105-153.3 (1959, c. 1259, s. 1A; 1973, c. 476, s. 193; 1983, c. 713, s. 86; 1989 (Reg. Sess., 1990), c. 984, s. 15; 1991 (Reg. Sess., 1992), c. 922, s. 8; 1993, c. 12, s. 10; 2021-180, s. 42.5(l).)