North Carolina Statutes
§ 59-503 — Sharing income, gain, loss, deduction or credit
North Carolina § 59-503
This text of North Carolina § 59-503 (Sharing income, gain, loss, deduction or credit) is published on Counsel Stack Legal Research, covering North Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
N.C. Gen. Stat. § 59-503 (2026).
Text
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 (
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Nearby Sections
15
§ 59-1001
Right of action§ 59-1002
Proper plaintiff§ 59-1003
Pleading§ 59-1004
Expenses§ 59-1005
Dismissal of action§ 59-1006
Construction§ 59-101
Short title§ 59-102
Definitions§ 59-103
Name§ 59-1050
Conversion§ 59-1051
Plan of conversion§ 59-1053
Effects of conversionCite This Page — Counsel Stack
Bluebook (online)
North Carolina § 59-503, Counsel Stack Legal Research, https://law.counselstack.com/statute/nc/59/59-503.