South Carolina § 12-20-80 Prorated license fee.

South Carolina Statutes

§ 12-20-80 — Prorated license fee.

South Carolina·Title 12 TAXATION·Ch. 20 CORPORATION LICENSE FEES

(A)If a corporation's taxable year is changed and results in the filing of an income tax return for less than twelve months, the license fee due with the short period return must be prorated by dividing the annual license fee by twelve and multiplying the result by the number of months in the short period. Each part of a month is considered a full month for purposes of this section. This prorated fee may not be less than the minimum license fee provided in Section 12-20-50(A).

(B)The proration provided in this section applies only to short periods due to a change in accounting period and does not apply to short periods due to initial or final returns.

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(A) If a corporation's taxable year is changed and results in the filing of an income tax return for less than twelve months, the license fee due with the short period return must be prorated by dividing the annual license fee by twelve and multiplying the result by the number of months in the short period. Each part of a month is considered a full month for purposes of this section. This prorated fee may not be less than the minimum license fee provided in Section 12-20-50(A). (B) The proration provided in this section applies only to short periods due to a change in accounting period and does not apply to short periods due to initial or final returns.

South Carolina § 12-20-80 (Prorated license fee.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.