NORTH CAROLINA GENERAL ASSEMBLY

1971 SESSION

 

 

CHAPTER 988

HOUSE BILL 1378

 

 

AN ACT TO AMEND G.S. 105-201 RELATING TO INTANGIBLES TAX LIABILITY OF ACCOUNTS RECEIVABLE.

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 105-201 is hereby amended by adding at the end thereof a new paragraph to read as follows:

"Indebtedness of securities brokers directly incurred in connection with the purchase or sale of stocks, bonds or other securities from which such brokers derive accounts receivable taxable under this Article may be deducted from the total value of such accounts receivable."

Sec. 2.  This act shall become effective and shall apply to taxable years beginning on and after January 1, 1971.

In the General Assembly read three times and ratified, this the 20th day of July, 1971.