What method should be used to calculate the NC portion of an S-corp K1?

[MauryM]

The NC D400 PN form is for part year NC residents to declare what portion of their federal income was earned in NC.

I own the S-corp and made almost all of the revenue while not living in NC.   If I divide NC Revenue / Gross Revenue I get 4%.

If I go by months, I lived in NC 5/12 months, so I get an apportionment of 42%.  10x as much!

If I run a Profit and Loss statement for my S-corp for the time I lived in NC, it actually shows up as a loss!

So which is the proper way to determine apportionment?  Turbotax offers no guidance. 

[Mike9241]

usually there's a section in the return for allocating income/expenses when earned in multiple states.

every state I've encountered where allocation was required used either a 1 or 2 or 3 factor formula

the factors were sales, wages, and tangible property so look for this on your s corp state return 

[MauryM]

Hmm....  I use Turbotax Business to generate my K-1 and State K-1.  They didn't ask for anything other than Fed Gross Revenue and Gross Revenue earned in new state.  I'm not even sure what tangible property is, but there is no mention of it on any of the K-1s that are generated.  (I'm just a sales biz with a home office, so no inventory or anything...)

I suppose they have my wage data, but my wages would already have state taxes taken out when I lived in the new state so I don't know how or why those would factor in.  I really just wish I could find the North Carolina government instructions that talk about how you apportion S-corp income to a state you just moved to.