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SC revenue ruling #16-2
South Carolina Department of Revenue
South Carolina Department of Revenue
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Adobe PDF, 143.99 KB
Abstract
The purpose of this advisory opinion is to update SC Revenue Ruling #91-15 concerning interest exempt from South Carolina income taxes. This advisory opinion provides a discussion of the types of interest exempt from South Carolina income taxes,1 the taxability of exempt interest when distributed as a dividend from a mutual fund, and Section 265 of the Internal Revenue Code which disallows a deduction for expenses allocable to tax-exempt income. This document also provides examples of tax-exempt obligations and obligations which are not tax-exempt for South Carolina income tax purposes.
Issue Date
4/7/2016
Keywords
South Carolina Department of Revenue--Periodicals, Tax exemption--South Carolina, Income tax--South Carolina
Type
Text
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