Type of entity determines treatment of nonresident owners of N.C. investment activities.
| Jurisdiction | United States |
| Author | Fletcher, Eric S. |
| Date | 01 May 1997 |
The North Carolina Department of Revenue has ruled that a partnership whose only activities within the state are in the nature of an investment account (in which securities are held for capital appreciation and income, dividends and interest are received, and stocks and bonds occasionally sold) will not be deemed to carry on a trade or business in North Carolina. Consequently, the partnership's nonresident partners do not have North Carolina taxable income. To obtain this treatment, the...
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