GENERAL ASSEMBLY OF NORTH CAROLINA
1985 SESSION
CHAPTER 925
The General Assembly of North Carolina enacts:
Section 1. G.S. 105-164.4(1) is amended by adding the following at the end of the fourth paragraph: "When property is transferred by an individual to a partnership or corporation, and no gain or loss arises as provided by Section 351 or Section 721 of the Code, such transfer is not a sale for the purpose of this subdivision if the transfer is incident to the organization of the partnership or corporation."
Sec. 2. This section shall become effective with respect to transfers occurring on or after September 1, 1986.
In the General Assembly read three times and ratified, this the 7th day of July, 1986.