South Carolina § 12-6-2290 Apportionment of remaining net income from principal profits or income derived from sources not otherwise described by this chapter.

South Carolina Statutes

§ 12-6-2290 — Apportionment of remaining net income from principal profits or income derived from sources not otherwise described by this chapter.

South Carolina § 12-6-2290

Title 12TAXATION

Ch. 6SOUTH CAROLINA INCOME TAX ACT

This text of South Carolina § 12-6-2290 (Apportionment of remaining net income from principal profits or income derived from sources not otherwise described by this chapter.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 12-6-2290 (2026).

Text

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 denominator is total gross receipts from everywhere during the taxable year. For purposes of this section, items included in gross receipts are as provided in Section 12-6-2295.

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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 denominator is total gross receipts from everywhere during the taxable year. For purposes of this section, items included in gross receipts are as provided in Section 12-6-2295.

Legislative History

HISTORY: 1995 Act No. 76, SECTION 1; 2007 Act No. 110, SECTION 54.A, eff June 21, 2007, applicable for taxable years beginning after 2006; 2007 Act No. 110, SECTION 55.C, eff June 21, 2007, effective for tax years after 2010; 2007 Act No. 116, SECTION 59.A, eff June 28, 2007, applicable for taxable years beginning after 2006; 2007 Act No. 116, SECTION 60.C, eff June 28, 2007, applicable for tax years after 2010. Editor's Note 2007 Act No. 110, SECTION 55.E and 2007 Act No. 116, SECTION 60.E provide as follows: "This section takes effect for tax years after 2010."