South Carolina Statutes
§ 12-6-4430 — "S" corporation elections.
(A)A taxpayer should provide the department notice of its intent to be an "S" Corporation by filing with the department a copy of the election filed with the Internal Revenue Service.
(B)(1) The approval or termination of an "S" election by the Internal Revenue Service is approval or termination for South Carolina income tax purposes as of the effective date of the federal election or termination except as provided in Section 12-6-1210(F).
(2)No termination occurs under the Internal Revenue Code Section 1362(d)(3) for South Carolina income tax purposes unless a termination occurs for federal purposes.
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South Carolina § 12-6-4430 ("S" corporation elections.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1995 Act No. 76, SECTION 1. ARTICLE 37 Tax Returns
Nearby Sections
15
§ 12-6-10
Short title.§ 12-6-1110
Modifications of gross, adjusted gross, and taxable income calculated under Internal Revenue Code.§ 12-6-1120
Gross income; computation; modifications.§ 12-6-1130
Taxable income; computation; modifications.§ 12-6-1140
Deductions from individual taxable income.§ 12-6-1160
Dependent deduction for resident individual.§ 12-6-1170
Retirement income deduction from taxable income for individual; Section 12-6-1171 deduction.§ 12-6-1200
Exclusion from taxable income of amounts excluded from federal income tax by United States treaty.§ 12-6-1220
Individual Development Account.§ 12-6-1610
Definitions.