59-503. Sharing income, gain, loss, deduction or credit.
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 (Reg. Sess., 1986), c. 989, s. 2; 1999-362, s. 24.)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 5 - Revised Uniform Limited Partnership Act.
§ 59-105 - Registered office and registered agent.
§ 59-106 - Records to be kept.
§ 59-107 - Nature of business.
§ 59-108 - Business transactions of partner with the partnership.
§ 59-201 - Certificate of limited partnership.
§ 59-202 - Amendment to certificate.
§ 59-203 - Cancellation of certificate.
§ 59-204 - Execution of documents.
§ 59-205 - Execution by judicial act.
§ 59-206 - Filing requirements.
§ 59-207 - Liability for false statement in certificate.
§ 59-209 - Certificate of existence.
§ 59-210 - Limited liability limited partnerships.
§ 59-301 - Admission of limited partners.
§ 59-303 - Liability to third parties.
§ 59-304 - Person erroneously believing himself limited partner.
§ 59-401 - Admission of additional general partners.
§ 59-402 - Events of withdrawal.
§ 59-403 - General powers and liabilities.
§ 59-404 - Contributions by a general partner.
§ 59-501 - Form of contribution.
§ 59-502 - Liability for contributions.
§ 59-503 - Sharing income, gain, loss, deduction or credit.
§ 59-504 - Sharing of distributions.
§ 59-601 - Interim distributions.
§ 59-602 - Withdrawal of general partner.
§ 59-603 - Withdrawal of limited partner.
§ 59-604 - Distribution upon withdrawal.
§ 59-605 - Distribution in kind.
§ 59-606 - Right to distribution.
§ 59-607 - Limitations on distribution.
§ 59-608 - Liability upon return of contribution.
§ 59-701 - Nature of partnership interest.
§ 59-702 - Assignment of partnership interest.
§ 59-703 - Rights of creditor.
§ 59-704 - Right of assignee to become limited partner.
§ 59-705 - Power of estate of deceased or incompetent partner.
§ 59-801 - Nonjudicial dissolution.
§ 59-802 - Judicial dissolution.
§ 59-804 - Distribution of assets.
§ 59-903 - Issuance of registration.
§ 59-905 - Changes and amendments.
§ 59-906 - Cancellation of registration.
§ 59-907 - Transaction of business without registration.
§ 59-908 - Action by Attorney General.
§ 59-1005 - Dismissal of action.
§ 59-1051 - Plan of conversion.
§ 59-1052 - Filing of certificate of limited partnership.
§ 59-1053 - Effects of conversion.
§ 59-1054 - Recodified as § 59-1070 by Session Laws 2001-387, s143.
§ 59-1055 - Recodified as § 59-1071 by Session Laws 2001-387, s143.
§ 59-1056 - Recodified as § 59-1072 by Session Laws 2001-387, s143.
§ 59-1057 - Recodified as § 59-1073 by Session Laws 2001-387, s143.
§ 59-1061 - Plan of conversion.
§ 59-1062 - Articles of conversion.
§ 59-1063 - Effects of conversion.
§ 59-1072 - Articles of merger.
§ 59-1073 - Effects of merger.
§ 59-1101 - Construction and application.
§ 59-1102 - Rules for cases not provided for in this Article.
§ 59-1104 - Effective date and repeal.