North Carolina Administrative Code (Last Updated: November 13, 2014) |
TITLE 17. REVENUE |
CHAPTER 05. CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES |
SUBCHAPTER C. CORPORATE INCOME TAX |
17 NCAC 05C .0407. REPURCHASE AGREEMENTS
Latest version.
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Income attributable to or received from repurchase agreements of U.S. government securities, an agreement to repurchase securities at an agreed price and date, is not considered income derived directly from federal obligations and is taxable income.
History Note: Authority G.S. 105-130.5; 105-262;
Eff. November 2, 1992.