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NCNB MORTG. CORP. v. COBLE

No. 7626SC357.

228 S.E.2d 776 (1976)

NCNB MORTGAGE CORPORATION and NCNB Corporation v. J. Howard COBLE, Secretary of Revenue, State of North Carolina and his successors.

Court of Appeals of North Carolina.

October 20, 1976.

Attorney(s) appearing for the Case

Atty. Gen. Rufus L. Edmisten by Associate Atty. William H. Boone, Raleigh, for the State.

Helms, Mulliss & Johnston by John W. Johnston and Robert B. Cordle, Charlotte, for plaintiffs-appellants.

VAUGHN, Judge.

At the time pertinent to this action the relevant part of the statute in question was as follows:

G.S. 105-130.6 "Subsidiary and affiliated corporations. — The net income of a corporation doing business in this State which is a parent, subsidiary or affiliate of another corporation shall be determined by eliminating all payments to or charges by a parent, subsidiary or affiliated corporation in excess of fair compensation in all...

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