N.C. Gen. Stat. § 59-503
Sharing income, gain, loss, deduction or credit
North Carolina · North Carolina General Statutes Chapter 59 — Chapter 59. · Status: effective
Cite this
- Citation
- N.C. Gen. Stat. § 59-503, Sharing income, gain, loss, deduction or credit, North Carolina, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1317151
- Permanent ID
ys:prov:1317151@1- SHA-256
9328c03cddb273844651f83868a916d8c454296fe85da2492b52209d437eb409
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
Sharing income, gain, loss, deduction or credit. Income, gain, loss, deduction or credit of a limited partnership shall be allocated among the partners, and among classes of partners, in the manner provided in the partnership agreement. To the extent the partnership agreement does not provide for the allocation of items of income, gain, loss, deduction, or credit, then those items shall be allocated on the basis of the agreed value of the contributions made by each partner to the extent they have been received by the partnership and have not been returned. As used in this section, the term "agreed value" means an amount or other measure of value as (i) is provided in the partnership agreement, or (ii) if not provided in the partnership agreement, is required to be set forth in the written records required pursuant to G.S. 59-106. (1985 (Reg. Sess., 1986), c. 989, s. 2; 1999-362, s. 24.)