Every trust institution maintaining a common trust fund shall make a return under oath for each taxable year. The return shall contain the items of gross income and the deductions allowed by law, the names and addresses of the participants, and the proportionate share of taxable income for each participant.
S.C. Code Ann. § 12-6-4940
Trust institutions maintaining common trust fund must make tax return; contents
Known as the South Carolina Income Tax Act
The act spans §§ 12–12 (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.