{"data":{"id":"us-nc/n.c.-gen.-stat.-59-1107","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 59-1107","heading":"Income taxation.","body":"A limited partnership, a foreign limited partnership authorized to transact business in this State, and a partner of one of these partnerships are subject to taxation under Article 4 of Chapter 105 of the General Statutes in accordance with their classification for federal income tax purposes. Accordingly, if a limited partnership or a foreign limited partnership authorized to transact business in this State is classified for federal income tax purposes as a C corporation as defined in G.S. 105-131(b)(2) or an S corporation as defined in G.S. 105-131(b)(8), the partnership and its partners are subject to tax under Article 4 of Chapter 105 of the General Statutes to the same extent as a C corporation or an S corporation, as the case may be, and its shareholders. If a limited partnership or a foreign limited partnership authorized to transact business in this State is classified for federal income tax purposes as a partnership, the partnership and its partners are subject to tax under Article 4 of Chapter 105 of the General Statutes accordingly. If a limited partnership or a foreign limited partnership authorized to transact business in this State is classified for federal income tax purposes as other than a corporation or a partnership, the partnership and its partners are subject to tax under Article 4 of Chapter 105 of the General Statutes in a manner consistent with that classification. This section does not require a limited partnership or a foreign limited partnership to obtain an administrative ruling from the Internal Revenue Service on its classification under the Internal Revenue Code. (2001-387, s. 150.)","path":["Chapter 59. Partnership.","Article 5. Revised Uniform Limited Partnership Act.","Part 11. Miscellaneous."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_59/GS_59-1107.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:07:02Z","sha256":"2341f315d9a0013cc89a08ce9f9c9eae9fcc0295e35fe94c91d70ccde7c86d97","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-59-1106","next":"us-nc/n.c.-gen.-stat.-59b-1"},"notice":"GroundRules: Original legal text. Not legal advice."}