South Carolina Code 12-20-60. Proration of tax where business is conducted partly outside the State; minimum license fee may not be apportioned
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In South Carolina Code 12-20-60
- 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.
When a corporation does business partly within and partly without this State or uses its capital partly within and partly without this State, the amount of the license fee provided for in § 12-20-50 must be apportioned in accordance with the ratio prescribed for income tax purposes in the taxable year preceding the year in which the annual report is filed. The minimum license fee, however, may not be apportioned.