North Carolina § 106-995 - Application of corporate income.
Full text of North Carolina North Carolina General Statutes § 106-995 — Application of corporate income., with citation guidance and answers to common questions.
§ 106-995. Application of corporate income.
The gross annual income of any such corporation, whether received from sales of timber, timber operations, stumpage permits or other sources, shall be applied as follows: first, to the payment of all fixed charges, and all operating and maintenance charges and expenses including taxes, assessments, insurance, amortization charges in amounts approved by the Commissioner to amortize mortgage or other indebtedness and reserves essential to operation; second, to surplus, and/or to the payment of dividends not exceeding the maximum fixed by this Article; third, the balance, if any, in reduction of debts. History (1933, c. 178, s. 16; 1973, c. 1262, s. 86; 1977, c. 771, s. 4; 1989, c. 727, s. 93; 2011-145, s. 13.25(cc), (dd).) Editor's Note. - This section was formerly codified as G.S. 113-76. It was recodified as G.S. 106-945 by Session Laws 2011-145, s. 13.25(cc), effective July 1, 2011, and renumbered as G.S. 106-995 at the direction of the Revisor of Statutes. Session Laws 2011-145, s. 1.1, provides: "This act shall be known as the 'Current Operations and Capital Improvements Appropriations Act of 2011.'" Session Laws 2011-145, s. 32.5 is a severability clause. Effect of Amendments. - Session Laws 2011-145, s. 13.25(dd), effective July 1, 2011, substituted "Commissioner" for "Secretary" near the middle of the section.
Source: official North Carolina text · Last verified 2026-08-27
Frequently Asked Questions About North Carolina § 106-995
What does North Carolina General Statutes § 106-995 cover?
Section 106-995 ("Application of corporate income.") is part of the North Carolina General Statutes, the codified statutory law of North Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite North Carolina § 106-995?
A common citation format is "North Carolina General Statutes § 106-995" (North Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of North Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the North Carolina official source linked on this page or consult a licensed North Carolina attorney.
How does North Carolina § 106-995 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in North Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in North Carolina.