17 NCAC 05B .0105. DISSOLUTION OR WITHDRAWAL OF CORPORATE RIGHTS

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Corporations are not subject to franchise tax after the end of the income year in which articles of dissolution or withdrawal are filed with the Secretary of State unless they engage in business activities not incidental to winding up their affairs. Therefore, no franchise tax is required with the income return filed for the year in which the application is filed or with any subsequent income returns that may be required in connection with winding up the affairs of the corporation.

History Note: Authority G.S. 105‑114; 105‑262;

Eff. February 1, 1976;

Amended Eff. January 1, 1994; October 31, 1981.

                    
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