17 N.C. Admin. Code 6B.4004
Current through Register Vol. 39, No. 6, September 16, 2024
If part of the S corporation's income is earned within and taxed by another state, either to the individual or to the corporation, a resident shareholder is entitled to a tax credit on the individual or the estates and trusts income tax return for the share of the tax paid to the other state. A shareholder claiming the tax credit must attach a schedule to the income tax return reflecting the total amount of tax paid to the State by the S corporation, and explaining how the shareholder's pro rata share of the tax was determined. Nonresident shareholders are not allowed credit for tax paid to another state.
17 N.C. Admin. Code 06B .4004
Eff. June 1, 1990;
Amended Eff. July 1, 1999; June 1, 1993;
Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. July 26, 2015.
Eff. June 1, 1990;
Amended Eff. July 1, 1999; June 1, 1993.