Individual Income Tax Contested Tax Case Docket # 09 REV 6570 - 09 REV 6573 - 12/15/2010

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Issue: (1)Whether the North Carolina Revenue Laws authorize individual shareholders of an S Corporation to claim deductions under N.C. Gen. Stat. § 105-134.6(b)(17) on their North Carolina individual tax returns for additional first year depreciation previously added back by a C Corporation on its C corporation income tax returns under N.C. Gen. Stat. § 105-130.5(a)(15).
(2)Whether the Notices of Final Determination issued to Petitioners on October 12, 2009 were issued in error.Whether the taxpayer was a legal resident of North Carolina during tax years 2006, 2007, and 2008.