17 NCAC 06B .0114          COMPUTATION OF TAXABLE INCOME ‑ GENERAL

The starting point in determining North Carolina taxable income is taxable income for federal income tax purposes, subject to the additions and deductions required in G.S. 105‑134.6 and the transitional adjustments required in G.S. 105‑134.7 because of differences in the way State and federal law treated certain tax transactions prior to January 1, 1989.  These adjustments do not apply to all individuals; however, each individual shall determine if any of the adjustments apply to his return.

History Note:        Authority G.S. 105‑134.1; 105‑134.5; 105‑134.6; 105‑134.7;

Eff. June 1, 1990;

Amended Eff. June 1, 1993; October 1, 1991.