§ 105-130.2. Definitions. - North Carolina Statutes

§ 105‑130.2. Definitions.

The following definitionsapply in this Part:

(1)        Code. – Defined inG.S. 105‑228.90.

(1a)      Corporation. – Ajoint‑stock company or association, an insurance company, a domesticcorporation, a foreign corporation, or a limited liability company.

(1b)      C Corporation. – Acorporation that is not an S Corporation.

(1c)      Department. – TheDepartment of Revenue.

(2)        Domesticcorporation. – A corporation organized under the laws of this State.

(3)        Fiscal year. – Anincome year, ending on the last day of any month other than December. Acorporation that pursuant to the provisions of the Code has elected to computeits federal income tax liability on the basis of an annual period varying from52 to 53 weeks shall compute its taxable income under this Part on the basis ofthe same period used by the corporation in computing its federal income taxliability for the income year.

(4)        Foreign corporation.– Any corporation other than a domestic corporation.

(4a)      Gross income. – Definedin section 61 of the Code.

(4b)      Income year. – Thecalendar year or the fiscal year upon the basis of which the net income iscomputed under this Part. If no fiscal year has been established, the incomeyear is the calendar year. In the case of a return made for a fractional partof a year under the provisions of this Part or under rules adopted by theSecretary, the income year is the period for which the return is made.

(5)        Limited liabilitycompany. – Either a domestic limited liability company organized under Chapter57C of the General Statutes or a foreign limited liability company authorizedby that Chapter to transact business in this State that is classified forfederal income tax purposes as a corporation. As applied to a limited liabilitycompany that is a corporation under this Part, the term "shareholder"means a member of the limited liability company and the term "corporateofficer" means a member or manager of the limited liability company.

(5a)      S Corporation. – Definedin G.S. 105‑131(b).

(5b)      Secretary. – TheSecretary of Revenue.

(5c)      State net income. – Thetaxpayer's federal taxable income as determined under the Code, adjusted asprovided in G.S. 105‑130.5 and, in the case of a corporation that hasincome from business activity that is taxable both within and without thisState, allocated and apportioned to this State as provided in G.S. 105‑130.4.

(5d)      Taxable year. – Incomeyear.

(6)        Taxpayer. – Acorporation subject to the tax imposed by this Part. (1939, c. 158, s. 302; 1941,c. 50, s. 5; 1955, c. 1331, s. 2; 1957, c. 1340, s. 4; 1963, c. 1169, s. 2;1967, c. 1110, s. 3; 1973, c. 476, s. 193; 1983, c. 713, ss. 68, 82; 1985, c.656, s. 7; 1985 (Reg. Sess., 1986), c. 853, s. 1; 1987, c. 778, s. 1; 1987(Reg. Sess., 1988), c. 1015, s. 3; 1989, c. 36, s. 3; 1989 (Reg. Sess., 1990),c. 981, s. 3; 1991, c. 689, s. 257; 1991 (Reg. Sess., 1992), c. 922, s. 4;1993, c. 12, s. 5; c. 354, s. 12; 1995, c. 17, s. 3; 1998‑98, s. 69; 2006‑162,s. 3(a).)