§ 105-131. Title; definitions; interpretation. - North Carolina Statutes

Part1A.  S Corporation Income Tax.

§ 105‑131.  Title;definitions; interpretation.

(a)        This Part of theincome tax Article shall be known and may be cited as the S Corporation IncomeTax Act.

(b)        For the purpose ofthis Part, unless otherwise required by the context:

(1)        "Code" hasthe same meaning as in G.S. 105‑228.90.

(2)        "CCorporation" means a corporation that is not an S Corporation and issubject to the tax levied under Part 1 of this Article.

(3)        "Department"means the Department of Revenue.

(4)        "Incomeattributable to the State" means items of income, loss, deduction, orcredit of the S Corporation apportioned and allocated to this State pursuant toG.S. 105‑130.4.

(5)        "Income notattributable to the State" means all items of income, loss, deduction, orcredit of the S Corporation other than income attributable to the State.

(6)        "Post‑terminationtransition period" means that period defined in section 1377(b)(1) of theCode.

(7)        "Pro ratashare" means the share determined with respect to an S Corporationshareholder for a taxable period in the manner provided in section 1377(a) ofthe Code.

(8)        "SCorporation" means a corporation for which a valid election under section1362(a) of the Code is in effect.

(9)        "Secretary"means the Secretary of Revenue.

(10)      "Taxableperiod" means any taxable year or portion of a taxable year during which acorporation is an S Corporation.

(c)        Except as otherwiseexpressly provided or clearly appearing from the context, any term used in thisPart shall have the same meaning as when used in a comparable context in theCode, or in any statute relating to federal income taxes, in effect during thetaxable period. Due consideration shall be given in the interpretation of thisPart to applicable sections of the Code in effect and to federal rulings andregulations interpreting those sections, except where the Code, ruling, orregulation conflicts with the provisions of this Part. (1987(Reg. Sess., 1988), c. 1089, s. 1; 1989, c. 728, ss. 1.33, 1.35; 1989 (Reg.Sess., 1990), c. 981, s. 4; 1991, c. 689, s. 251; 1991 (Reg. Sess., 1992), c.922, s. 5; 1993, c. 12, s. 6; 1998‑98, ss. 43, 68‑70.)