reglab/housing_qa huggingface dataset:
NC Gen Stat § 105-131 (2021)
2021 North Carolina General Statutes|Chapter 105 - Taxation|Article 4 - Income Tax.|§ 105-131 - Title; definitions; interpretation.

 105-131. Title; definitions; interpretation.(a) This Part of the income tax Article shall be known and may be cited as the S Corporation Income Tax Act.(b) For the purpose of this Part, unless otherwise required by the context:(1) "Code" has the same meaning as in G.S. 105-228.90.(2) "C Corporation" means a corporation that is not an S Corporation and is subject to the tax levied under Part 1 of this Article.(3) "Department" means the Department of Revenue.(4) "Income attributable to the State" means items of income, loss, deduction, or credit of the S Corporation apportioned and allocated to this State pursuant to G.S. 105-130.4.(5) "Income not attributable to the State" means all items of income, loss, deduction, or credit of the S Corporation other than income attributable to the State.(6) "Post-termination transition period" means that period defined in section 1377(b)(1) of the Code.(7) "Pro rata share" means the share determined with respect to an S Corporation shareholder for a taxable period in the manner provided in section 1377(a) of the Code.(8) "S Corporation" means a corporation for which a valid election under section 1362(a) of the Code is in effect.(9) "Secretary" means the Secretary of Revenue.(10) "Taxable period" means any taxable year or portion of a taxable year during which a corporation is an S Corporation.(c) Except as otherwise expressly provided or clearly appearing from the context, any term used in this Part shall have the same meaning as when used in a comparable context in the Code, or in any statute relating to federal income taxes, in effect during the taxable period. Due consideration shall be given in the interpretation of this Part to applicable sections of the Code in effect and to federal rulings and regulations interpreting those sections, except where the Code, ruling, or regulation 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.)
NC Gen Stat § 105-131.1 (2021)
2021 North Carolina General Statutes|Chapter 105 - Taxation|Article 4 - Income Tax.|§ 105-131.1 - Taxation of an S Corporation and its shareholders.

 105-131.1. Taxation of an S Corporation and its shareholders.(a) An S Corporation shall not be subject to the tax levied under G.S. 105-130.3.(b) Each shareholder's pro rata share of an S Corporation's income attributable to the State and each resident shareholder's pro rata share of income not attributable to the State, shall be taken into account by the shareholder in the manner and subject to the adjustments provided in Parts 2 and 3 of this Article and section 1366 of the Code and shall be subject to the tax levied under Parts 2 and 3 of this Article. (1987 (Reg. Sess., 1988), c. 1089, s. 1; 1989, c. 728, ss. 1.33, 1.35; 1998-98, ss. 5, 68.)
NC Gen Stat § 105-131.2 (2021)
2021 North Carolina General Statutes|Chapter 105 - Taxation|Article 4 - Income Tax.|§ 105-131.2 - Adjustment and characterization of income.

 105-131.2. Adjustment and characterization of income.(a) Adjustment. - Each shareholder's pro rata share of an S Corporation's income is subject to the adjustments provided in G.S. 105-153.5 and G.S. 105-153.6.(b) Repealed by Session Laws 1989, c. 728, s. 1.35.(c) Characterization of Income. - S Corporation items of income, loss, deduction, and credit taken into account by a shareholder pursuant to G.S. 105-131.1(b) are characterized as 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; 2013-316, s. 1.3(a).)
NC Gen Stat § 105-131.3 (2021)
2021 North Carolina General Statutes|Chapter 105 - Taxation|Article 4 - Income Tax.|§ 105-131.3 - Basis and adjustments.

 105-131.3. Basis and adjustments.(a) The initial basis of a resident shareholder in the stock of an S Corporation and in any indebtedness of the corporation owed to that shareholder shall be determined, as of the later of the date the stock is acquired, the effective date of the S Corporation election, or the date the shareholder became a resident of this State, as provided under the Code.(b) The basis of a resident shareholder in the stock and indebtedness of an S Corporation shall be adjusted in the manner and to the extent required by section 1011 of the Code except that:(1) Any adjustments made (other than for income exempt from federal or State income taxes) pursuant to G.S. 105-131.2 shall be taken into account; and(2) Any adjustments made pursuant to section 1367 of the Code for a taxable period during which this State did not measure S Corporation shareholder income by reference to the corporation's income shall be disregarded.(c) The initial basis of a nonresident shareholder in the stock of an S Corporation and in any indebtedness of the corporation to that shareholder shall be zero.(d) The basis of a nonresident shareholder in the stock and indebtedness of an S Corporation shall be adjusted as provided in section 1367 of the Code, except that adjustments to basis shall be limited to the income taken into account by the shareholder pursuant to G.S. 105-131.1(b).(e) The basis of a shareholder in the stock of an S Corporation shall be reduced by the amount allowed as a loss or deduction pursuant to G.S. 105-131.4(c).(f) The basis of a resident shareholder in the stock of an S Corporation shall be reduced by the amount of any cash distribution that is not taxable to the shareholder as a result of the application of G.S. 105-131.6(b).(g) For purposes of this section, a shareholder shall be considered to have acquired stock or indebtedness received by gift at the time the donor acquired the stock or indebtedness, if the donor was a resident of this State at the time of the gift. (1987 (Reg. Sess., 1988), c. 1089, s. 1; 1989, c. 728, ss. 1.33, 1.35.)
NC Gen Stat § 105-131.4 (2021)
2021 North Carolina General Statutes|Chapter 105 - Taxation|Article 4 - Income Tax.|§ 105-131.4 - Carryforwards; carrybacks; loss limitation.

 105-131.4. Carryforwards; carrybacks; loss limitation.(a) Carryforwards and carrybacks to and from an S Corporation shall be restricted in the manner provided in section 1371(b) of the Code.(b) The aggregate amount of losses or deductions of an S Corporation taken into account by a shareholder pursuant to G.S. 105-131.1(b) may not exceed the combined adjusted bases, determined in accordance with G.S. 105-131.3, of the shareholder in the stock and indebtedness of the S Corporation.(c) Any loss or deduction that is disallowed for a taxable period pursuant to subsection (b) of this section shall be treated as incurred by the corporation in the succeeding taxable period with respect to that shareholder.(d) (1) Any loss or deduction that is disallowed pursuant to subsection (b) of this section for the corporation's last taxable period as an S Corporation shall be treated as incurred by the shareholder on the last day of any post-termination transition period.(2) The aggregate amount of losses and deductions taken into account by a shareholder pursuant to subdivision (1) of this subsection may not exceed the adjusted basis of the shareholder in the stock of the corporation (determined in accordance with G.S. 105-131.3 at the close of the last day of any post-termination transition period and without regard to this subsection).(e) Expired. (1987 (Reg. Sess., 1988), c. 1089, s. 1; 1989, c. 728, ss. 1.33, 1.35; 1989 (Reg. Sess., 1990), c. 984, s. 1; 1991, c. 752.)
NC Gen Stat § 105-131.5 (2021)
2021 North Carolina General Statutes|Chapter 105 - Taxation|Article 4 - Income Tax.|§ 105-131.5 - Part-year resident shareholder.

 105-131.5. Part-year resident shareholder.If a shareholder of an S Corporation is both a resident and nonresident of this State during any taxable period, the shareholder's pro rata share of the S Corporation's income attributable to the State and income not attributable to the State for the taxable period shall be further prorated between the shareholder's periods of residence and nonresidence, in accordance with the number of days in each period, as provided in G.S. 105-153.4.  (1987 (Reg. Sess., 1988), c. 1089, s. 1; 1989, c. 728, ss. 1.33, 1.35; 2017-204, s. 1.7(a).)
NC Gen Stat § 105-131.6 (2021)
2021 North Carolina General Statutes|Chapter 105 - Taxation|Article 4 - Income Tax.|§ 105-131.6 - Distributions.

 105-131.6. Distributions.(a) Subject to the provisions of subsection (c) of this section, a distribution made by an S Corporation with respect to its stock to a resident shareholder is taxable to the shareholder as provided in Parts 2 and 3 of this Article to the extent that the distribution is characterized as a dividend or as gain from the sale or exchange of property pursuant to section 1368 of the Code.(b) Subject to the provisions of subsection (c) of this section, any distribution of money made by a corporation with respect to its stock to a resident shareholder during a post-termination transition period is not taxable to the shareholder as provided in Parts 2 and 3 of this Article to the extent the distribution is applied against and reduces the adjusted basis of the stock of the shareholder in accordance with section 1371(e) of the Code.(c) In applying sections 1368 and 1371(e) of the Code to any distribution referred to in this section:(1) The term "adjusted basis of the stock" means the adjusted basis of the shareholder's stock as determined under G.S. 105-131.3.(2) The accumulated adjustments account maintained for each resident shareholder must be equal to, and adjusted in the same manner as, the corporation's accumulated adjustments account defined in section 1368(e)(1)(A) of the Code, except that:a. The accumulated adjustments account shall be modified in the manner provided in G.S. 105-131.3(b)(1).b. The amount of the corporation's federal accumulated adjustments account that existed on the day this State began to measure the S Corporation shareholders' income by reference to the income of the S Corporation is ignored and is treated for purposes of this Article as additional accumulated earnings and profits of the corporation. (1987 (Reg. Sess., 1988), c. 1089, s. 1; 1989, c. 728, ss. 1.33, 1.35; 1998-98, s. 6.)
NC Gen Stat § 105-131.8 (2021)
2021 North Carolina General Statutes|Chapter 105 - Taxation|Article 4 - Income Tax.|§ 105-131.8 - Tax credits.

 105-131.8. Tax credits.(a) For purposes of G.S. 105-153.9 and G.S. 105-160.4, each resident shareholder is considered to have paid a tax imposed on the shareholder in an amount equal to the shareholder's pro rata share of any net income tax paid by the S Corporation to a state that does not measure the income of S Corporation shareholders by the income of the S Corporation. For purposes of the preceding sentence, the term "net income tax" means any tax imposed on or measured by a corporation's net income.(b) Except as otherwise provided in G.S. 105-160.3, each shareholder of an S Corporation is allowed as a credit against the tax imposed by Parts 2 and 3 of this Article an amount equal to the shareholder's pro rata share of the tax credits for which the S Corporation is eligible.  (1987 (Reg. Sess., 1988), c. 1089, s. 1; 1989, c. 728, ss. 1.33, 1.35; 1991, c. 45, s. 7; 1998-98, s. 8; 2020-58, s. 4.1.)
NC Gen Stat § 105-132 (2021)
2021 North Carolina General Statutes|Chapter 105 - Taxation|Article 4 - Income Tax.|§ 105-132 - Recodified as § 105-135 by Session Laws 1967, c. 1110, s. 3.

 105-132: Recodified as 105-135 by Session Laws 1967, c. 1110, s. 3.
NC Gen Stat § 105-133 (2021)
2021 North Carolina General Statutes|Chapter 105 - Taxation|Article 4 - Income Tax.|§ 105-133 - (Recodified for taxable years beginning on or after January 1, 2014 - see editor's note) Short title.

 105-133. (Recodified for taxable years beginning on or after January 1, 2014 - see editor's note) Short title.This Part of the income tax Article shall be known as the Individual Income Tax Act.  (1967, c. 1110, s. 3; 1989, c. 728, s. 1.1; 1998-98, ss. 44, 68.)
NC Gen Stat § 105-134 (2021)
2021 North Carolina General Statutes|Chapter 105 - Taxation|Article 4 - Income Tax.|§ 105-134 - (Recodified for taxable years beginning on or after January 1, 2014 - see editor's note) Purpose.

 105-134. (Recodified for taxable years beginning on or after January 1, 2014 - see editor's note) Purpose.The general purpose of this Part is to impose a tax for the use of the State government upon the taxable income collectible annually:(1) Of every resident of this State.(2) Of every nonresident individual deriving income from North Carolina sources attributable to the ownership of any interest in real or tangible personal property in this State, deriving income from a business, trade, profession, or occupation carried on in this State, or deriving income from gambling activities in this State.  (1939, c. 158, s. 301; 1967, c. 1110, s. 3; 1989, c. 728, s. 1.2; 1998-98, s. 69; 2005-276, s. 31.1(dd), (jj); 2005-344, s. 10.3; 2006-259, s. 8(j); 2006-264, s. 91(a).)
NC Gen Stat § 105-134.1 (2021)
2021 North Carolina General Statutes|Chapter 105 - Taxation|Article 4 - Income Tax.|§ 105-134.1 - Recodified as G.S. 105-153.3 by Session Laws 2013-316, s. 1.1(a), effective for taxable years beginning on or after January 1, 2014.

 105-134.1: Recodified as G.S. 105-153.3 by Session Laws 2013-316, s. 1.1(a), effective for taxable years beginning on or after January 1, 2014.
NC Gen Stat § 105-134.2A (2021)
2021 North Carolina General Statutes|Chapter 105 - Taxation|Article 4 - Income Tax.|§ 105-134.2A - Expired pursuant to its own terms, effective for taxable years beginning on or after January 1, 2011.

 105-134.2A: Expired pursuant to its own terms, effective for taxable years beginning on or after January 1, 2011.
NC Gen Stat § 105-134.5 (2021)
2021 North Carolina General Statutes|Chapter 105 - Taxation|Article 4 - Income Tax.|§ 105-134.5 - Recodified as G.S. 105-153.4 by Session Laws 2013-316, s. 1.1(a), effective for taxable years beginning on or after January 1, 2014.

 105-134.5: Recodified as G.S. 105-153.4 by Session Laws 2013-316, s. 1.1(a), effective for taxable years beginning on or after January 1, 2014.
NC Gen Stat § 105-151 (2021)
2021 North Carolina General Statutes|Chapter 105 - Taxation|Article 4 - Income Tax.|§ 105-151 - (Recodified effective for taxable years beginning on or after January 1, 2014) Tax credits for income taxes paid to other states by individuals.

 105-151. (Recodified effective for taxable years beginning on or after January 1, 2014) Tax credits for income taxes paid to other states by individuals.(a) An individual who is a resident of this State is allowed a credit against the taxes imposed by this Part for income taxes imposed by and paid to another state or country on income taxed under this Part, subject to the following conditions:(1) The credit is allowed only for taxes paid to another state or country on income derived from sources within that state or country that is taxed under its laws irrespective of the residence or domicile of the recipient, except that whenever a taxpayer who is deemed to be a resident of this State under the provisions of this Part is deemed also to be a resident of another state or country under the laws of that state or country, the Secretary may allow a credit against the taxes imposed by this Part for taxes imposed by and paid to the other state or country on income taxed under this Part.(2) The fraction of the gross income, as calculated under the Code and adjusted as provided in G.S. 105-134.6 and G.S. 105-134.6A, that is subject to income tax in another state or country shall be ascertained, and the North Carolina net income tax before credit under this section shall be multiplied by that fraction. The credit allowed is either the product thus calculated or the income tax actually paid the other state or country, whichever is smaller.(3) Receipts showing the payment of income taxes to another state or country and a true copy of a return or returns upon the basis of which the taxes are assessed shall be filed with the Secretary when the credit is claimed. If credit is claimed on account of a deficiency assessment, a true copy of the notice assessing or proposing to assess the deficiency, as well as a receipt showing the payment of the deficiency, shall be filed.(b) If any taxes paid to another state or country for which a taxpayer has been allowed a credit under this section are at any time credited or refunded to the taxpayer, a tax equal to that portion of the credit allowed for the taxes so credited or refunded is due and payable from the taxpayer and is subject to the penalties and interest provided in Subchapter I of this Chapter.  (1939, c. 158, s. 325; 1941, c. 50, s. 5; c. 204, s. 1; 1943, c. 400, s. 4; 1957, c. 1340, s. 4; 1963, c. 1169, s. 2; 1967, c. 1110, s. 3; 1973, c. 476, s. 193; 1989, c. 728, s. 1.5; 1989 (Reg. Sess., 1990), c. 814, s. 17; 1998-98, s. 92; 2013-316, s. 1.1(a); 2013-414, s. 5(b).)
NC Gen Stat § 105-151.6 (2021)
2021 North Carolina General Statutes|Chapter 105 - Taxation|Article 4 - Income Tax.|§ 105-151.6 - Expired.

 105-151.6: Expired.
NC Gen Stat § 105-151.17 (2021)
2021 North Carolina General Statutes|Chapter 105 - Taxation|Article 4 - Income Tax.|§ 105-151.17 - Recodified as § 105-129.8 by Session Laws 1996, 2nd Extra Session, c. 13, s. 3.4.

 105-151.17: Recodified as 105-129.8 by Session Laws 1996, 2nd Extra Session, c. 13, s. 3.4.
NC Gen Stat § 105-151.23 (2021)
2021 North Carolina General Statutes|Chapter 105 - Taxation|Article 4 - Income Tax.|§ 105-151.23 - Recodified as §§ 105-129.35 through 105-129.37 by Session Laws 1999-389, s. 6, effective for taxable years beginning on or after January 1, 1999.

 105-151.23: Recodified as 105-129.35 through 105-129.37 by Session Laws 1999-389, s. 6, effective for taxable years beginning on or after January 1, 1999.
NC Gen Stat § 105-151.24 (2021)
2021 North Carolina General Statutes|Chapter 105 - Taxation|Article 4 - Income Tax.|§ 105-151.24 - Recodified as G.S. 105-153.10 by Session Laws 2013-316, s. 1.1(a), effective for taxable years beginning on or after January 1, 2014.

 105-151.24: Recodified as G.S. 105-153.10 by Session Laws 2013-316, s. 1.1(a), effective for taxable years beginning on or after January 1, 2014.
NC Gen Stat § 105-152 (2021)
2021 North Carolina General Statutes|Chapter 105 - Taxation|Article 4 - Income Tax.|§ 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.

 105-152: 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.
NC Gen Stat § 105-153.1 (2021)
2021 North Carolina General Statutes|Chapter 105 - Taxation|Article 4 - Income Tax.|§ 105-153.1 - Short title.

 105-153.1. Short title.This Part of the income tax Article shall be known as the Individual Income Tax Act.  (1967, c. 1110, s. 3; 1989, c. 728, s. 1.1; 1998-98, ss. 44, 68; 2013-316, s. 1.1(a).)
NC Gen Stat § 105-153.2 (2021)
2021 North Carolina General Statutes|Chapter 105 - Taxation|Article 4 - Income Tax.|§ 105-153.2 - Purpose.

 105-153.2. Purpose.The general purpose of this Part is to impose a tax for the use of the State government upon the taxable income collectible annually:(1) Of every resident of this State.(2) Of every nonresident individual deriving income from North Carolina sources attributable to the ownership of any interest in real or tangible personal property in this State, deriving income from a business, trade, profession, or occupation carried on in this State, or deriving income from gambling activities in this State. This subdivision does not apply to a nonresident business or a nonresident employee who solely derives income from North Carolina sources attributable to a business, trade, profession, or occupation carried on in this State to perform disaster-related work during a disaster response period at the request of a critical infrastructure company. The definitions and provisions in G.S. 166A-19.70A apply to this subdivision.  (1939, c. 158, s. 301; 1967, c. 1110, s. 3; 1989, c. 728, s. 1.2; 1998-98, s. 69; 2005-276, s. 31.1(dd), (jj); 2005-344, s. 10.3; 2006-259, s. 8(j); 2006-264, s. 91(a); 2013-316, s. 1.1(a); 2019-187, s. 1(j).)
NC Gen Stat § 105-153.4 (2021)
2021 North Carolina General Statutes|Chapter 105 - Taxation|Article 4 - Income Tax.|§ 105-153.4 - North Carolina taxable income defined.

 105-153.4. North Carolina taxable income defined.(a) Residents. - For an individual who is a resident of this State, the term "North Carolina taxable income" means the taxpayer's adjusted gross income as modified in G.S. 105-153.5 and G.S. 105-153.6.(b) Nonresidents. - For a nonresident individual, the term "North Carolina taxable income" means the taxpayer's adjusted gross income as modified in G.S. 105-153.5 and G.S. 105-153.6, multiplied by a fraction the denominator of which is the taxpayer's gross income as modified in G.S. 105-153.5 and G.S. 105-153.6, and the numerator of which is the amount of that gross income, as modified, that is derived from North Carolina sources and is attributable to the ownership of any interest in real or tangible personal property in this State, is derived from a business, trade, profession, or occupation carried on in this State, or is derived from gambling activities in this State.(c) Part-year Residents. - If an individual was a resident of this State for only part of the taxable year, having moved into or removed from the State during the year, the term "North Carolina taxable income" has the same meaning as in subsection (b) of this section except that the numerator includes gross income, as modified under G.S. 105-153.5 and G.S. 105-153.6, derived from all sources during the period the individual was a resident.(d) S Corporations and Partnerships. - In order to calculate the numerator of the fraction provided in subsection (b) of this section, the amount of a shareholder's pro rata share of S Corporation income, as modified in G.S. 105-153.5 and G.S. 105-153.6, that is includable in the numerator is the shareholder's pro rata share of the S Corporation's income attributable to the State, as defined in G.S. 105-131(b)(4). In order to calculate the numerator of the fraction provided in subsection (b) of this section for a member of a partnership or other unincorporated business that has one or more nonresident members and operates in one or more other states, the amount of the member's distributive share of the total net income of the business, as modified in G.S. 105-153.5 and G.S. 105-153.6, that is includable in the numerator is determined in accordance with the provisions of G.S. 105-130.4. As used in this subsection, total net income means the entire gross income of the business less all expenses, taxes, interest, and other deductions allowable under the Code that were incurred in the operation of the business.(e) Tax Year. - A taxpayer must compute North Carolina taxable income on the basis of the taxable year used in computing the taxpayer's income tax liability under the Code. (1989, c. 728, s. 1.4; 1995, c. 17, s. 4; 2005-276, s. 31.1(aa); 2005-344, s. 10.4; 2011-145, s. 31A.1(b); 2012-79, s. 1.2; 2013-414, s. 55; 2013-316, ss. 1.1(a), 1.3(c); 2017-204, ss. 1.9(c), (d).)