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North Carolina Administrative Code Title 17 — Revenue

17 NCAC 05B .1502

Computation Of Tax When Merger Is Involved

Official textreports.oah.state.nc.us

# (a)

Since franchise tax is prepaid, a special computation is sometimes required to prevent a duplication of tax when two, or more, corporations with different income years merge or otherwise transfer the entire assets from one corporation to the other.

# (b)

The surviving corporation shall be allowed to deduct from franchise tax computed on an annual basis the amount of franchise tax paid by the submerged corporation applicable to the period that overlaps the surviving corporation's income year.

Last amended: Authority G.S. 105-122; 105-262; Eff. February 1, 1976; Amended Eff. January 1, 1994; October 31, 1981; Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. August 19, 2017.

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In this chapter (40 sections)
  1. 17-05b-1115 · Cash Basis Corporations
  2. 17-05b-1201 · Apportionment Formula
  3. 17-05b-1202 · Alternative Apportionment Formula
  4. 17-05b-1301 · Basis For The Investment Base
  5. 17-05b-1302 · What Is Includable In The Investment Base
  6. 17-05b-1303 · Treatment Of Construction In Progress
  7. 17-05b-1304 · Carrier Operations Property Exempt From Investment Base
  8. 17-05b-1305 · Indebtedness Deduction
  9. 17-05b-1306 · Refinancing Of A Loan
  10. 17-05b-1307 · Pollution Abatement Facilities
  11. 17-05b-1308 · Deduction For Qualified Recycling Facilities
  12. 17-05b-1309 · Determination Of Inclusion By Depreciation
  13. 17-05b-1310 · No Limitation On Holding Companies
  14. 17-05b-1401 · Basis For Tangible Property
  15. 17-05b-1402 · Carrier Operations Appraised Property Exempt
  16. 17-05b-1403 · Average Bank Balance
  17. 17-05b-1404 · Intangible Property
  18. 17-05b-1405 · No Limitation On Holding Companies
  19. 17-05b-1406 · Investment Base Property Included
  20. 17-05b-1501 · Computation Of Tax
  21. 17-05b-1502 · Computation Of Tax When Merger Is Involved
  22. 17-05b-1601 · Initial Requirements
  23. 17-05b-1602 · Franchise Tax Payable In Advance
  24. 17-05b-1701 · Non-Profit Organizations
  25. 17-05b-1702 · Corporations Fully Exempt
  26. 17-05b-1703 · Franchise Motor Carriers
  27. 17-05b-1704 · Regulated Investment Companies
  28. 17-05c-0101 · Domestic And Foreign Corporations Required To File
  29. 17-05c-0102 · Doing Business Defined
  30. 17-05c-0103 · Corporations Operating In Interstate Commerce
  31. 17-05c-0104 · Tax Rate And Basis For The Tax
  32. 17-05c-0105 · Corporations Required To Allocate Income
  33. 17-05c-0106 · When In Doubt As To Liability
  34. 17-05c-0107 · Tax Forms Mailed To Taxpayer
  35. 17-05c-0108 · Due Date Of Return
  36. 17-05c-0201 · Preliminary Statement
  37. 17-05c-0202 · Amount Of Credit Allowable
  38. 17-05c-0203 · Building Code And Other Requirements
  39. 17-05c-0301 · Preliminary Statement
  40. 17-05c-0302 · Adjustments To Federal Taxable Income
Full table of contents →