X. Foreign Sales Corporation (FSC) (G.S. 105-130.5(a) (13))
All corporations which have had a reduction in federal taxable income as a result
of transactions with a foreign sales corporation (FSC) must, when
computing North Carolina taxable income, add that portion of the income
reduction that corresponds to the portion of the FSC's net income
that is subject to federal income tax. This law is effective for taxable
years beginning on or after January 1,1992.