South Carolina Statutes
§ 12-6-4950 — Information returns.
(A)An information return must be filed by all individuals, corporations, and partnerships acting in any capacity who make payments to another individual, corporation, or partnership in the amount of:
(1)two hundred dollars or more of interest or dividends; or (2) eight hundred dollars or more of rent, salaries, wages, emoluments, or determinable gain, profit, or income.
(B)The return shall provide the recipient's name, address, and the amount of the payments.
(C)Providing the department with information required to be provided to the Internal Revenue Service or participating in the department agreement with the Internal Revenue Service to allow combined federal and state reporting of information returns constitutes compliance with this section.
(D)The provisions of this section do not
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South Carolina § 12-6-4950 (Information returns.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1995 Act No. 76, SECTION 1.
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.