§ 105-130 Short title
§ 105-130.1 Purpose
§ 105-130.2 Definitions
§ 105-130.3 (Effective for taxable years beginning before January 1, 2019) Corporations
§ 105-130.4 Allocation and apportionment of income for corporations
§ 105-130.4A (Effective for taxable years beginning on or after January 1, 2020) Market-based sourcing for wholesale content distributors
§ 105-130.4B (Effective for taxable years beginning on or after January 1, 2020) Market-based sourcing for banks
§ 105-130.5 Adjustments to federal taxable income in determining State net income
§ 105-130.5A Secretary’s authority to adjust net income or require a combined return
§ 105-130.5B Adjustments when State decouples from federal accelerated depreciation and expensing
§ 105-130.7A Royalty income reporting option
§ 105-130.7B Limitation on qualified interest for certain indebtedness
§ 105-130.8A Net loss provisions
§ 105-130.9 Contributions
§ 105-130.10A Amortization of equipment mandated by OSHA
§ 105-130.11 Conditional and other exemptions
§ 105-130.12 Real estate investment trusts
§ 105-130.14 Corporations filing consolidated returns for federal income tax purposes
§ 105-130.15 Basis of return of net income
§ 105-130.16 Returns
§ 105-130.17 Time and place of filing returns
§ 105-130.19 When tax must be paid
§ 105-130.20 Federal determinations and amended returns
§ 105-130.21 Information at the source
§ 105-130.25 Credit against corporate income tax for construction of cogenerating power plants
§ 105-130.46 (See notes for expiration date) Credit for manufacturing cigarettes for exportation while increasing employment and utilizing State Ports
§ 105-131 Title; definitions; interpretation
§ 105-131.1 Taxation of an S Corporation and its shareholders. [Effective for taxable years beginning before January 1, 2022]
§ 105-131.1A Taxation of S Corporation as a taxed pass-through entity
§ 105-131.2 Adjustment and characterization of income
§ 105-131.3 Basis and adjustments
§ 105-131.4 Carryforwards; carrybacks; loss limitation
§ 105-131.5 Part-year resident shareholder
§ 105-131.6 Distributions
§ 105-131.7 Returns; shareholder agreements; mandatory withholding
§ 105-131.8 (Effective for taxable years beginning before January 1, 2022) Tax credits
§ 105-152: Recodifed as G.S 105-153.8 by Session Laws 2013-316, s. 1.1.(a) effective for taxable years beginning on or after January 1, 2014
§ 105-153.1 Short title
§ 105-153.2 Purpose
§ 105-153.3 Definitions
§ 105-153.4 North Carolina taxable income defined
§ 105-153.5 Modifications to adjusted gross income
§ 105-153.5A (Effective for taxable years beginning on or after January 1, 2022) Net operating loss provisions
§ 105-153.6 Adjustments when State decouples from federal accelerated depreciation and expensing
§ 105-153.7 Individual income tax imposed
§ 105-153.8 Income tax returns
§ 105-153.9 (Effective for taxable years beginning before January 1, 2023) Tax credits for income taxes paid to other states by individuals
§ 105-154 Information at the source returns
§ 105-154.1 (Effective for taxable years beginning on or after January 1, 2022) Taxation of partnership as a taxed pass-through entity
§ 105-155 Time and place of filing returns; extensions; affirmation
§ 105-157 When tax must be paid
§ 105-158 Taxation of certain Armed Forces personnel and other individuals upon death
§ 105-159 Federal determinations and amended returns
§ 105-160 Short title
§ 105-160.1 Definitions
§ 105-160.2 Imposition of tax
§ 105-160.3 Tax credits
§ 105-160.4 Tax credits for income taxes paid to other states by estates and trusts
§ 105-160.5 Returns
§ 105-160.6 Time and place of filing returns
§ 105-160.7 When tax must be paid
§ 105-160.8 Federal determinations
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Terms Used In North Carolina General Statutes > Chapter 105 > Article 4 - Income Tax

  • Amortization: Paying off a loan by regular installments.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Chambers: A judge's office.
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Decedent: A deceased person.
  • Donor: The person who makes a gift.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Executor: A male person named in a will to carry out the decedent
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Fiduciary: A trustee, executor, or administrator.
  • 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
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • in writing: may be construed to include printing, engraving, lithographing, and any other mode of representing words and letters: Provided, that in all cases where a written signature is required by law, the same shall be in a proper handwriting, or in a proper mark. See North Carolina General Statutes 12-3
  • Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • 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
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Personal property: All property that is not real property.
  • personal property: shall include moneys, goods, chattels, choses in action and evidences of debt, including all things capable of ownership, not descendable to heirs at law. See North Carolina General Statutes 12-3
  • property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
  • Statute: A law passed by a legislature.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • United States: shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3