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IRC section 12 contains cross references related to section 11, which imposes a tax on corporations' income. These cross references point taxpayers to special rules on unrelated business income, accumulated earnings tax, personal holding company tax, and withholding for foreign corporations.
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.
South Carolina Code §12-6-3535(B) allows a taxpayer an income tax credit equal to 25% of the rehabilitation expenses for a certified historic residential structure located in South Carolina. The rehabilitation expenses must, within a 36-month period, exceed $15,000 to qualify for the credit.
Section 12-37-3140 of the South Carolina Code of Laws An assessable transfer of interest (ATI) means a transfer of an existing interest in real property that subjects the real property to appraisal. For purposes of this definition, an existing interest in real property includes life estate interests.
Code Sections 12-6-2220 and 12-6-2230 provide that certain classes of income less related expenses are allocated. Items directly allocated include dividends, nonbusiness interest, and nonbusiness gains and losses from sales of intangible property.
SECTION 33-44-202. Organization. (a) One or more persons may organize a limited liability company, consisting of one or more members, by delivering articles of organization to the office of the Secretary of State for filing.
If the principal profits or income of a taxpayer are derived from sources other than those described in Section 12-6-2252 or Section 12-6-2310, the taxpayer shall apportion its remaining net income using a fraction in which the numerator is gross receipts from within this State during the taxable year and the ...