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North Carolina Administrative Code Title 17 — Revenue

17 NCAC 05C .1402

Tax-Exempt Bonds

Official textreports.oah.state.nc.us

The amount of premium paid upon the purchase of a tax-exempt bond is amortized over the life of the bond. Amortization for the taxable year is accomplished by reducing the original cost of the bond by a portion of the premium paid, with no deduction against net income for the year. Therefore, when the bond is sold or otherwise disposed of, the basis for determining gain or loss will always be original cost less the amount of premium amortized for book purposes through the year of disposal.

Last amended: Authority G.S. 105-130.5; 105-262; Eff. February 1, 1976; Amended Eff. 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. 17-05c-1002 · Sales Incidental To General Business Operations
  2. 17-05c-1003 · Sales Made In Other Type Of Business Activity
  3. 17-05c-1004 · Numerator
  4. 17-05c-1005 · What Sales Of Tangible Personal Property Are In This State
  5. 17-05c-1006 · Sales Factor: Sales To United States Government
  6. 17-05c-1007 · Numerator: Other Receipts Constituting Business Income
  7. 17-05c-1101 · Railroad Companies
  8. 17-05c-1102 · Telephone Companies
  9. 17-05c-1103 · Motor Carriers Of Property And/Or Passengers
  10. 17-05c-1104 · Telegraph Companies
  11. 17-05c-1105 · Excluded Corporations
  12. 17-05c-1201 · Preliminary Statement
  13. 17-05c-1202 · Charitable Contributions Defined And Qualified Donees
  14. 17-05c-1203 · Contributions Limited To Five Percent Of Net Income
  15. 17-05c-1204 · Contributions Fully Deductible
  16. 17-05c-1205 · Contributions By Corporations Allocating Net Income
  17. 17-05c-1206 · Contributions Carry-Over Unallowable
  18. 17-05c-1301 · Amortization Over 60 Month Period
  19. 17-05c-1302 · Certification Of Facilities Required
  20. 17-05c-1401 · Preliminary Statement
  21. 17-05c-1402 · Tax-Exempt Bonds
  22. 17-05c-1403 · Taxable Bonds
  23. 17-05c-1404 · Definition Of Bond
  24. 17-05c-1501 · Preliminary Statement
  25. 17-05c-1502 · Differences Between North Carolina And Federal Provisions
  26. 17-05c-1503 · Definition Of Net Economic Loss
  27. 17-05c-1504 · Income Not Taxable
  28. 17-05c-1505 · Procedure For Deducting A Net Economic Loss
  29. 17-05c-1506 · Corporations Apportioning Their Net Income
  30. 17-05c-1507 · Corporation Sustaining Loss Entitled To Deduction
  31. 17-05c-1601 · Preliminary Statement
  32. 17-05c-1602 · Deductions For Payments To And Charges By
  33. 17-05c-1603 · Consolidated Returns
  34. 17-05c-1604 · Required To Furnish Information Requested By Secretary
  35. 17-05c-1605 · Definitions
  36. 17-05c-1606 · Transactions Closely Examined By The Department
  37. 17-05c-1701 · Reporting Partnership Net Income
  38. 17-05c-1702 · Apportionable Income Or Nonapportionable Income
  39. 17-05c-1801 · Taxable Percentages/Dividends
  40. 17-05c-1802 · No Return Filed In Year Ended September 30
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