An entity treated as a partnership for federal income tax purposes is not subject to tax under this chapter. Each partner shall include its share of South Carolina partnership income on the partner's respective income tax return. All of the provisions of the Internal Revenue Code apply to determine the gross income, adjusted gross income, and taxable income of a partnership and its partners, subject to the modifications provided in Article 9 of this chapter and subject to allocation and apportionment as provided in Article 17 of this chapter.
S.C. Code Ann. § 12-6-600
Taxation of partnerships
Known as the South Carolina Income Tax Act
The act spans §§ 12–12 (157 sections).
Applied in 1 court decision — leading case Centex International, Inc. v. South Carolina Department of Revenue (2013)
Most recently applied in Centex International, Inc. v. South Carolina Department of Revenue (July 2013)
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.