Quantcast
Home / Courts / N.C. Business Court / Taxation  –  Corporate – Net Economic Loss Deduction – ‘Income Not Taxable’ – Dividends – Constitutional (access required)

Taxation  –  Corporate – Net Economic Loss Deduction – ‘Income Not Taxable’ – Dividends – Constitutional (access required)

Pursuant to Dayco Corp. v. Clayton, 269 N.C. 490, 153 S.E.2d 28 (1967), before taking a net economic loss (NEL) deduction under the now repealed G.S. § 105-130.8(a), the respondent-corporation was required to include in its income “any income not taxable.” Before calculating its NEL deduction, the taxpayer improperly deducted from its income the dividends ...

Leave a Reply

Your email address will not be published. Required fields are marked *

*