North Carolina General Statutes Chapter 105. Taxation § 105-131. Title; definitions; interpretation

(1) “Code” has the same meaning as in G.S. 105-228.90.

(2) “C Corporation” means a corporation that is not an S Corporation and is subject to the tax levied under Part 1 of this Article.

(3) “Department” means the Department of Revenue.

(4) “Income attributable to the State” means items of income, loss, deduction, or credit of the S Corporation apportioned and allocated to this State pursuant to G.S. 105-130.4.

(5) “Income not attributable to the State” means all items of income, loss, deduction, or credit of the S Corporation other than income attributable to the State.

(6) “Post-termination transition period” means that period defined in section 1377(b)(1) of the Code.

(7) “Pro rata share” means the share determined with respect to an S Corporation shareholder for a taxable period in the manner provided in section 1377(a) of the Code.

(8) “S Corporation” means a corporation for which a valid election under section 1362(a) of the Code is in effect.

(9) “Secretary” means the Secretary of Revenue.

(10) “Taxable period” means any taxable year or portion of a taxable year during which a corporation is an S Corporation.

(11) “Taxed S Corporation” means an S Corporation for which a valid election under G.S. 105-131.1A(a) is in effect.