1933 public laws – Ch.445 Sec.323
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CHAPTER 445 AN ACT TO RAISE REVENUE. The General Assembly of North Carolina do enact: ARTICLE I SCHEDULE A INHERITANCE TAX
Items not deductible. In computing net income no deduction shall in any case be allowed in respect of: (a). Personal, living, or family expenses. (b). Any amount paid out for new buildings or for permanent improvements or betterments, made to increase the value of any property or estate. (c). Any amount expended in restoring property for which an allowance is or has been made. (d). Premiums paid on any life insurance policy. (e). Contributions or gifts made by corporations.