South Carolina Code 12-6-580. Computation of corporation’s gross and taxable income
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 12-6-580
- Business: includes trade, profession, occupation, or employment. See South Carolina Code 12-6-30
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
A corporation‘s South Carolina gross income, taxable income, and the unrelated business income of a corporation exempt from taxation under Internal Revenue Code Section 501 et seq., is computed as determined under the Internal Revenue Code with the modifications provided in Article 9 of this chapter and subject to allocation and apportionment as provided in Article 17 of this chapter.