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BROADWELL REALTY CORP. v. COBLE

No. 7610SC44.

226 S.E.2d 869 (1976)

30 N.C. App. 261

BROADWELL REALTY CORPORATION v. J. Howard COBLE, Secretary of Revenue for the State of North Carolina.

Court of Appeals of North Carolina.

August 4, 1976.

Attorney(s) appearing for the Case

Atty. Gen. Rufus L. Edmisten, by Asst. Atty. Gen. George W. Boylan, Raleigh, for J. Howard Coble, Secretary of Revenue for the State of North Carolina, appellant.

Biggs, Meadows, Batts & Winberry, by Frank P. Meadows, Jr., Rocky Mount, for plaintiff appellee.

MORRIS, Judge.

G.S. 105-122(b) provides that "[e]very such corporation taxed under this section shall determine the total amount of its issued and outstanding capital stock, surplus and undivided profits; no reservation or allocation from surplus or undivided profits shall be allowed other than for definite and accrued legal liabilities, except as herein provided; taxes accrued, dividends declared and reserves for depreciation of tangible assets as permitted...

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