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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.