N.C. Dep't of Revenue v. Graybar Elec. Co., Inc.

N.C. Dep’t of Revenue v. Graybar Elec. Co., Inc., 2019 NCBC 2. STATE OF NORTH CAROLINA IN THE GENERAL COURT OF JUSTICE SUPERIOR COURT DIVISION WAKE COUNTY 17 CVS 13902 N.C. DEPARTMENT OF REVENUE, Petitioner, v. ORDER AND OPINION ON PETITION GRAYBAR ELECTRIC COMPANY, FOR JUDICIAL REVIEW INC., Respondent. 1. THIS MATTER presents for decision whether dividends deducted on a corporation’s federal corporate income tax return under the dividends-received deduction (“DRD”) of section 243 of the Internal Revenue Code (the “Code”) constitute “income not taxable” for purposes of calculating the…