South Carolina Code 12-20-70. License tax where combined return is filed; applicability of minimum license fee
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 12-20-70
- 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 combined income tax return is filed, the license fee provided for by this chapter is measured by the total capital and paid-in or capital surplus of each corporation considered separately without offset for investment of one corporation in the capital or surplus of another corporation in the group. The minimum license fee applies to each corporation in the combined group.