17 N.C. Admin. Code 5B.1501

Current through Register Vol. 39, No. 9, November 1, 2024

Section 05B .1501 - COMPUTATION OF TAX

A change in income year automatically establishes a new franchise year. A combined franchise and income tax return is required for the short income period. Credit is permitted on such return against the franchise tax to the extent that the new franchise year overlaps the old year.

17 N.C. Admin. Code 05B .1501

Authority G.S. 105-122; 105-262;
Eff. February 1, 1976;
Amended Eff. October 31, 1981;
Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. August 19, 2017.

Authority G.S. 105-122; 105-262;
Eff. February 1, 1976;
Amended Eff. October 31, 1981.