§ 105-160.2. Imposition of tax. - North Carolina Statutes

§105‑160.2.  Imposition of tax.

The tax imposed by this Partshall apply to the taxable income of estates and trusts as determined under theprovisions of the Code except as otherwise provided in this Part. The taxableincome of an estate or trust shall be the same as taxable income for such anestate or trust under the provisions of the Code, adjusted as provided in G.S.105‑134.6 and G.S. 105‑134.7, except that the adjustments providedin G.S. 105‑134.6 and G.S. 105‑134.7 shall be apportioned betweenthe estate or trust and the beneficiaries based on the distributions madeduring the taxable year. The tax shall be computed on the amount of the taxableincome of the estate or trust that is for the benefit of a resident of thisState, or for the benefit of a nonresident to the extent that the income (i) isderived from North Carolina sources and is attributable to the ownership of anyinterest in real or tangible personal property in this State or (ii) is derivedfrom a business, trade, profession, or occupation carried on in this State. Forpurposes of the preceding sentence, taxable income and gross income shall becomputed subject to the adjustments provided in G.S. 105‑134.6 and G.S.105‑134.7. The tax on the amount computed above shall be at the rates leviedin G.S. 105‑134.2(a)(3).  The tax computed under the provisions of thisPart shall be paid by the fiduciary responsible for administering the estate ortrust. (1989, c. 728, s. 1.38; 1989 (Reg. Sess., 1990), c.814, s. 21; 1991, c. 689, s. 302; 1998‑98, s. 69.)