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North Carolina Administrative Code Title 17 — Revenue

17 NCAC 05C .0404

Sales Or Exchanges

Official textreports.oah.state.nc.us

# (a)

Gain or loss realized on the sale or other disposition of any type of obligation of the United States or its possessions, the State of North Carolina (not exempted by the specific obligation), or its political subdivisions, any other state or its political subdivisions, or of any other government is a taxable transaction and must be included in the computation of a corporation's state taxable income.

# (b)

Gain or loss realized on the sale or other disposition of obligations is not included in taxable income if North Carolina law under which obligations were issued specifically exempts the gain from taxation.

Last amended: Authority G.S. 105-130.5; 105-262; Eff. February 1, 1976; Amended Eff. January 1, 1995; 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-1703 · Franchise Motor Carriers
  2. 17-05b-1704 · Regulated Investment Companies
  3. 17-05c-0101 · Domestic And Foreign Corporations Required To File
  4. 17-05c-0102 · Doing Business Defined
  5. 17-05c-0103 · Corporations Operating In Interstate Commerce
  6. 17-05c-0104 · Tax Rate And Basis For The Tax
  7. 17-05c-0105 · Corporations Required To Allocate Income
  8. 17-05c-0106 · When In Doubt As To Liability
  9. 17-05c-0107 · Tax Forms Mailed To Taxpayer
  10. 17-05c-0108 · Due Date Of Return
  11. 17-05c-0201 · Preliminary Statement
  12. 17-05c-0202 · Amount Of Credit Allowable
  13. 17-05c-0203 · Building Code And Other Requirements
  14. 17-05c-0301 · Preliminary Statement
  15. 17-05c-0302 · Adjustments To Federal Taxable Income
  16. 17-05c-0303 · Miscellaneous
  17. 17-05c-0304 · Attribution Of Expenses To Nontaxable Income
  18. 17-05c-0401 · North Carolina Obligations
  19. 17-05c-0402 · Obligations Of Other States
  20. 17-05c-0403 · U.S. Obligations
  21. 17-05c-0404 · Sales Or Exchanges
  22. 17-05c-0405 · Obligations Of Federal National Mortgage Association
  23. 17-05c-0406 · Mortgage Backed Certificate Guaranteed By Gnma
  24. 17-05c-0407 · Repurchase Agreements
  25. 17-05c-0501 · Preliminary Statement
  26. 17-05c-0502 · Reporting Net Income Or Loss To North Carolina
  27. 17-05c-0601 · Preliminary Statement
  28. 17-05c-0602 · Definition Of Taxpayer
  29. 17-05c-0603 · In General
  30. 17-05c-0604 · When A Taxpayer Is Subject To Tax
  31. 17-05c-0605 · When A State Has Jurisdiction
  32. 17-05c-0701 · Division Of Income: In General
  33. 17-05c-0702 · Business And Nonbusiness Income Defined
  34. 17-05c-0703 · Business And Nonbusiness Income
  35. 17-05c-0704 · Proration Of Deductions
  36. 17-05c-0801 · In General
  37. 17-05c-0802 · Property Used For The Production Of Apportionable Income
  38. 17-05c-0803 · Consistency In Reporting
  39. 17-05c-0804 · Numerator
  40. 17-05c-0805 · Valuation Of Owned Property
Full table of contents →