South Carolina Code 12-20-10. Definitions
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For the purposes of this chapter:
(1) "Department" means the South Carolina Department of Revenue.
Terms Used In South Carolina Code 12-20-10
- 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.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(2) "Taxable year" means the calendar year or the fiscal year used in computing taxable income under Chapter 6 of this title.
(3) "Domestic corporation" means a corporation incorporated under the laws of this State.
(4) "Foreign corporation" means a corporation not incorporated under the laws of this State.