17 NCAC 05B .1115. CASH BASIS CORPORATIONS

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Corporations using the cash basis method of accounting for income tax purposes may not compute the capital stock, surplus and undivided profits base by this method. Assets and liabilities must be accrued and reported for franchise tax purposes.

History Note: Authority G.S. 105‑122; 105‑258;

Eff. April 1, 1991.

                    
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