N.C. Gen. Stat. § 105-163.38

Current through Session Law 2024-58

Section 105-163.38 - Definitions

The following definitions apply in this Article, unless the context requires otherwise:

(1) Code. - Defined in G.S. 105-228.90.

(1a) Corporation. - Defined in section 7701 of the Code.

(2) Estimated tax. - The amount of income tax the corporation estimates as the amount imposed by Article 4 for the taxable year.

(3) Fiscal year. - An accounting period of 12 months ending on the last day of any month other than December.

(4) Secretary. - The Secretary of Revenue.

(5) Taxable year. - The calendar year or fiscal year used as a basis to determine net income under Article 4. If no fiscal year has been established, "fiscal year" means the calendar year. In the case of a return made for a fractional part of the year under Article 4, or under rules prescribed by the Secretary, "taxable year" means the period for which the return is made.

(6) Taxed pass-through entity. - Defined in G.S. 105-153.3.

N.C. Gen. Stat. § 105-163.38

Amended by 2021 N.C. Sess. Laws 180,s. 42.5-l, eff. 7/1/2021, effective for taxable years beginning on or after January 1, 2022.

1959, c. 1259, s. 1 A; 1973, c. 476, s. 193; 1983, c. 713, s. 86; 1989 (Reg. Sess., 1990), c. 984, s. 15; 1991 (Reg. Sess., 1992), c. 922, s. 8; 1993, c. 12, s. 10.