- In Case No. 24CV040734-910, the North Carolina superior court affirmed that transfers of finished emulsion products between affiliated entities do not constitute taxable sales, as there was no actual consideration exchanged for these transfers.
- The court noted that the affiliates did not pay hypothetical markup amounts or provide any value in return for the product transfers, and there was no reciprocal transfer obligation established.
- The North Carolina Department of Revenue’s arguments for taxation based on hypothetical markups and intercompany accounting entries were rejected, reinforcing the nontaxable status of these intercompany transactions.
Source Deloitte
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