North Carolina Administrative Code (Last Updated: November 13, 2014) |
TITLE 17. REVENUE |
CHAPTER 05. CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES |
SUBCHAPTER F. SECRETARY’S AUTHORITY TO ADJUST NET INCOME OR TO REQUIRE A COMBINED RETURN |
17 NCAC 05F .0401. ADJUSTMENTS TO STATE NET INCOME
Latest version.
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Adjustments the Secretary may make to intercompany transactions that are found to lack economic substance or not to be at fair market value include the following:
(1) Disallowing deductions in whole or in part;
(2) Attributing income to related corporations;
(3) Disregarding transactions; and
(4) Reclassifying income as apportionable or allocable.
History Note: Authority G.S. 105-130.5A; 105-262.1;
Eff. January 31, 2013.