A business incorporated in a foreign country is required to apportion only United States source income as determined for federal purposes on Form 1120F if elected. No change in the election may be made without permission of the department. Income must be apportioned using rules provided for apportionment in this chapter.
S.C. Code Ann. § 12-6-2300
Apportionment of United States source income for business incorporated in foreign country
Known as the South Carolina Income Tax Act
The act spans §§ 12-6-10–12-6-640 (157 sections).
1995 Act No. 76, SECTION 1.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.