SC revenue ruling #21-15

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Authors
South Carolina Department of Revenue
Issue Date
2021-12-02
Type
Text
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Keywords
Advisory opinions--South Carolina , Income tax--South Carolina
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Alternative Title
Active trade or business income – annual election by pass-through entity to pay tax at entity level (income tax)
Abstract
The purpose of this advisory opinion is to provide a brief summary of recent IRS guidance regarding a pass-through entity’s deduction of certain state and local income taxes, provide a brief review of guidance on Code Section 12-6-545(A) through (F), and address general technical and compliance questions regarding the new election in Code Section 12-6-545(G) by a qualified entity to report and pay tax on active trade or business income at the entity level.
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Publisher
South Carolina State Library
Rights
Copyright status determined to be in the public domain on April 27, 2020 by United States Supreme Court ruling (Georgia et al., Petitioners v. Public.Resource.Org, Inc. : 590 U.S.__(2020))
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