§ 105-131.2. Adjustment and characterization of income. - North Carolina Statutes

§ 105‑131.2.  Adjustmentand characterization of income.

(a)        Adjustment. – Eachshareholder's pro rata share of an S Corporation's income is subject to theadjustments provided in G.S. 105‑134.6.

(b)        Repealed by SessionLaws 1989, c. 728, s. 1.35.

(c)        Characterization ofIncome. – S Corporation items of income, loss, deduction, and credit taken intoaccount by a shareholder pursuant to G.S. 105‑131.1(b) are characterizedas though received or incurred by the S Corporation and not its shareholder. (1987 (Reg. Sess., 1988), c.1089, s. 1; 1989, c. 728, ss. 1.33, 1.35; 1993, c. 485, s. 8; 2006‑17, s.1.)