South Carolina Statement of Reduction of Capital of a Corporation

State:
Multi-State
Control #:
US-1083BG
Format:
Word; 
Rich Text
Instant download

Description

Stated Capital is the nominal value (or "par" value) of all the outstanding shares of a corporation. Generally, it is an amount equal to the cash consideration (or equivalent fair value of property or past services) received by a corporation in exchange for the issue of shares.
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FAQ

SECTION 12-14-60. Investment tax credit. (A)(1) There is allowed an investment tax credit against the tax imposed pursuant to Chapter 6 of this title for any taxable year in which the taxpayer places in service qualified manufacturing and productive equipment property.

South Carolina Secretary of State Important Information: Domestic and foreign South Carolina limited liability companies do not have to file an initial or annual report unless they elect S-corp taxation (in which case they must file SC 1120S annually with the South Carolina Department of Revenue).

Child deductions Dependent exemptions in South Carolina have been increased to $4,430 from $4,300 for each eligible dependent, including qualifying children and relatives. More than 718,000 returns claimed independent deductions last year, including more than 240,000 returns for children under 6 years old.

SECTION 5-7-30. Powers conferred upon municipalities; surtax for parking spaces. The municipal governing body may fix fines and penalties for the violation of municipal ordinances and regulations not exceeding five hundred dollars or imprisonment not exceeding thirty days, or both.

South Carolina Code §12-6-2210 provides for the determination of whether taxable income of a business will be apportioned. A taxpayer whose entire business is transacted or conducted in South Carolina is subject to income tax based on the entire taxable income of the business for the taxable year.

INDIVIDUAL INCOME TAX RATES South Carolina Code §12-6-510 imposes an income tax upon the South Carolina taxable income of individuals, estates, and trusts at rates ranging from 3% to a maximum rate of 7%. There are six income brackets adjusted annually for inflation.

Section 12-20-100 - License tax on utilities and electric cooperatives; tax based on value of property; additional tax based on gross receipts; payment; consolidated or combined return; minimum license fee.

Income received by a dentist, doctor, lawyer, architect, or other professional domiciled in the State of South Carolina is income from personal services and is subject to South Carolina income taxes, even though such services are performed in another state, and even though the professional has an office located in such ...

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South Carolina Statement of Reduction of Capital of a Corporation