North Carolina General Statutes Chapter 105. Taxation § 105-131.2. Adjustment and characterization of income

(a) Adjustment.--Each shareholder's pro rata share of an S Corporation's income is subject to the adjustments provided in G.S. 105-153.5 and G.S. 105-153.6.

(b) Repealed by Session Laws 1989, c. 728, § 1.35.

(c) Characterization of Income.--S Corporation items of income, loss, deduction, and credit taken into account by a shareholder pursuant to G.S. 105-131.1(b) are characterized as though received or incurred by the S Corporation and not its shareholder.