17 NCAC 05B .1108. EXCLUSION PROVISION LIMITED TO INDEBTEDNESS OWED

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The exclusion from the Capital Stock Base of indebtedness owed which is permitted the debtor corporation and the deduction permitted the creditor corporation in G.S. 105-122 are applicable only to indebtedness owed to or due from a parent, subsidiary or affiliated corporation. These provisions do not apply where the indebtedness is merely endorsed or guaranteed.

History Note: Authority G.S. 105‑122; 105‑262;

Eff. February 1, 1976;

Amended Eff. January 1, 1994.

                    
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