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MIDREX CORP. v. LYNCH

No. 8026SC616.

274 S.E.2d 853 (1981)

MIDREX CORPORATION v. Mark G. LYNCH, Secretary of the North Carolina Department of Revenue.

Court of Appeals of North Carolina.

February 17, 1981.

Attorney(s) appearing for the Case

Moore & Van Allen by Daniel G. Clodfelter, Charlotte, for plaintiff-appellant.

Atty. Gen. Rufus L. Edmisten by Asst. Atty. Gen. Marilyn R. Rich, Raleigh, for defendant-appellee.

HARRY C. MARTIN, Judge.

The resolution of this appeal turns upon the meaning of the phrase "accounts payable" as it appears in N.C.G.S. 105-201. The relevant portions of the statute are:

Accounts receivable.—All accounts receivable on December 31 of each year ... shall be subject to an annual tax ... Provided, that from the face value of such accounts receivable there may be deducted the accounts payable of the taxpayer as of the valuation date of the...

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