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Expert Analysis

NC Phased-Out Loss Regime Can Still Alter Tax Liability

By Megan Miller, Jeremy Abrams, Kenneth Levine and Gloria Thompson ( February 20, 2019, 2:33 PM EST) -- The Business Court division of the Wake County Superior Court recently issued an opinion in North Carolina Department of Revenue v. Graybar Electric Company Inc. concerning the impact of dividends on a taxpayer's net economic loss, or NEL, carryforward.[1] The court ruled that the taxpayer's dividend income is "income not taxable" to the extent of its federal dividends received deduction, or DRD, which means the taxpayer's NEL carryforward must be reduced by the North Carolina-apportioned dividend income....

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