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Commissioner v. Tufts, 461 U.S. 300 (1983), was a unanimous decision by the United States Supreme Court, which held that when a taxpayer sells or disposes of property encumbered by a nonrecourse obligation exceeding the fair market value of the property sold, the Commissioner of Internal Revenue may require him to include in the “amount realized” the outstanding amount of the obligation ...
In 2018 after Hurricane Florence, more than 100,000 North Carolina residents filed claims on their homeowner policies for flood damage, Causey said. “They got zero,” he said.
The North Carolina Department of Revenue was created in 1921 by the North Carolina General Assembly. The department is headed by a Secretary that is appointed by the Governor. The secretary is a member of the North Carolina Cabinet. Currently, the department is responsible for administering the collection of the North Carolina state income tax ...
North Carolina has had three constitutions, adopted in 1776, 1868, and 1971, respectively. Like the federal constitution does for the federal government, the North Carolina Constitution both provides for the structure of the North Carolina government and enumerates rights which the North Carolina government may not infringe. [1]
Nearly 21 million people in the U.S. have already received their federal tax refunds, but North Carolina residents are still waiting on money from the state. That’s because the state just ...
What interests this newsletter is a short provision tacked on to the end of S.B. 382 that gives North Carolina property owners perhaps the nation's strongest protections against local governments ...
The ledger is known as "Old Book A". The Charles Robertson Deed is on Page 1. Later with the formal establishment of Washington County by North Carolina, the book was transferred to Jonesborough. The original book is said to reside in the original land office papers held by the North Carolina State Archives.
The three main elements of the property tax system in North Carolina are real property, motor vehicles and personal property (inventories and household personal property are exempt). Estimated at 10.5% of income, North Carolina's state and local tax burden percentage ranks 23rd highest nationally (taxpayers pay an average of $3,526 per-capita ...