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 .0704. PRORATION OF DEDUCTIONS
Latest version.
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Any allowable deduction that is applicable both to apportionable and nonapportionable income or to more than one "trade or business" of the taxpayer shall be prorated to those classes of income or trades or businesses in determining income subject to tax. The taxpayer shall be consistent in the proration of such deduction or deductions in filing returns under these Rules.
History Note: Authority G.S. 105‑130.4; 105‑262;
Eff. February 1, 1976;
Amended Eff. January 1, 2005; January 1, 1994.