{"data":{"id":"us-nc/n.c.-gen.-stat.-105-131.2","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 105-131.2","heading":"Adjustment and characterization of income.","body":"(a)\tAdjustment. - 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.\n(b)\tRepealed by Session Laws 1989, c. 728, s. 1.35.\n(c)\tCharacterization 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. (1987 (Reg. Sess., 1988), c. 1089, s. 1; 1989, c. 728, ss. 1.33, 1.35; 1993, c. 485, s. 8; 2006-17, s. 1; 2013-316, s. 1.3(a).)","path":["","Article 4. Income Tax.","Part 1A. S Corporation Income Tax."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_105/GS_105-131.2.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:15:52Z","sha256":"518086c36f1dc41e23ae15bce2f55b443ea05fc3e93416d5abda4a5cc6283903","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-105-131.1a","next":"us-nc/n.c.-gen.-stat.-105-131.3"},"notice":"GroundRules: Original legal text. Not legal advice."}