South Carolina S Corporation Income Tax Return

S Corporation Income Tax Return
SC1120S_3095.pdf
1350
STATE OF SOUTH CAROLINA
DEPARTMENT OF REVENUE

S CORPORATION INCOME TAX RETURN

dor.sc.gov

SC 1120S
(Rev. 7/17/23)
3095

Due by the 15th day of the third month following the close of the taxable year.

Income Tax period ending

-

-

License Fee period ending

-

-

County or counties in SC where property is located
Audit location: Street address

FEIN
City

State

ZIP

Name
Mailing address

Audit contact

City

State

Change of

Address

ZIP
Accounting Period

Phone number

Does the corporation have any shareholders who are nonresidents
Officers of South Carolina?
Yes
No

Check if you filed a federal or state extension

Number of nonresident shareholders

Check for Active Trade or Business election
Check if:

Initial Return

Amended Return

Number of nonresident shareholders with an I-309 affidavit

Includes QSSSs and/or Disregarded LLCs (See Schedule L)
Number of nonresident shareholders included in a composite return

Check if:
Merged

Reorganized

PART I
COMPUTATION OF INCOME TAX LIABILITY

Total gross receipts

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.

14.
15.
16.

17.
18.

Final

Total cost of depreciable personal property in SC

Attach complete copy of federal return

Total of line 1 through 12, Schedule K of the federal 1120S . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.
Net adjustment from Schedule A and B, line 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.
Total net income as reconciled (add line 1 and line 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.
If multi-state corporation, enter amount from Schedule G, line 6; otherwise, enter amount from line 3.
4.
Active Trade or Business Income (from I-435, line 14) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.
Active Trade or Business Tax (from I-435, line 17) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.
Income taxed to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.
South Carolina net taxable income (subtract line 5 and line 7 from line 4) . . . . . . . . . . . . . . . . . . .
8.
Tax (multiply line 8 by 5%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.
Total Income Tax (add line 6 and line 9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10.
Nonrefundable credits (enter amount from SC1120TC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11.
Balance of tax (subtract line 11 from line 10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12.
Payments: (a) Tax withheld (attach 1099s or I-290s, don't claim here if claimed on SC1120S-WH) 13a.
(b) Paid by declaration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13b.
(c) Paid with extension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13c.
(d) Credit from line 28b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13d.
Refundable Credits: (e) Ammonia Additive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13e.
(f) Milk Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13f.
(g) Reserved for future use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13g.
Total payments and refundable credits (add line 13a through line 13f) . . . . . . . . . . . . . . . . . . . . . .
14.
Balance of tax (subtract line 14 from line 12) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15.
(a) Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16a.
(b) Late file/pay penalty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16b.
(c) Declaration penalty (attach SC2220) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16c.
Total (add line 16a through line 16c) See penalty and interest in SC1120 Instructions. . . . . . . . . .
16.
Total Income Tax, interest, and penalty (add line 15 and line 16) . . . . . . . . . . . . BALANCE DUE
17.
Overpayment (subtract line 12 from line 14) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18.
To be applied as follows: (a) Estimated Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18a.
(b) License Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18b.
(c) REFUND . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18c.
PART II COMPUTATION OF LICENSE FEE AND SCHEDULES A AND B PAGE 2

30951081

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Page 2

PART II
COMPUTATION OF LICENSE FEE

SC1120S

19.
20.
21.
22.
23.

Total capital and paid in surplus (multi-state corporations see Schedule E) . . . . . . . . . . . . . . . . . . . 19.
License Fee: multiply line 19 by .001, then add $15 (Fee cannot be less than $25) . . . . . . . . . . . . 20.
Credits taken this year against License Fee from SC1120TC, Part II, Column C (attach SC1120TC). 21.
Balance (subtract line 21 from line 20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.
Payments: (a) Paid with extension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23a.
(b) Credit from line 18b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23b.
Total payments (add line 23a and line 23b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.
25.
Balance of License Fee (subtract line 24 from line 22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
00
00
(a) Interest
(b) Late file/pay penalty
26.
Total (add line 26a and line 26b) See penalty and interest in SC1120 Instructions. . . . . . . . . . . . . . .
27.
Total License Fee, interest, and penalty (add line 25 and line 26) . . . . . . . . . . . . . BALANCE DUE
Overpayment (subtract line 22 from line 24)
00 To be applied as follows:
00 (b) Income Tax
00 (c) REFUND
(a) Estimated Tax
GRAND TOTAL: INCOME TAX and LICENSE FEE DUE (add line 17 and line 27) . . . . . . . . . . .
29.

24.
25.
26.
27.
28.
29.

<

REFUND OPTIONS (select one; subject to program limitations)

Direct Deposit

Paper Check

If you select Direct Deposit, choose the account type (US accounts only)

Checking

Savings

Account
Routing
information: Number (RTN)

SCHEDULE A AND B
1.
2.
3.
4.
5.
6.
7.

Must be 9 digits. First two numbers
of the RTN must be 01 - 12 or 21 - 32

Bank Account
Number (BAN)

00
00
00 >
00
00
00
00
00
00
00
00
00

1-17
digits

ADDITIONS TO FEDERAL TAXABLE INCOME

Taxes on or measured by income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.
Excess net passive income subject to federal tax . . . . . . . . . . . . . . . . . . . . . . . 2.
Taxable portion of certain built-in gains subject to federal tax . . . . . . . . . . . . . . . 3.
4.
5.
Other additions (attach schedule) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.
Total additions (add line 1 through line 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.

DEDUCTIONS FROM FEDERAL TAXABLE INCOME
8.
8.
9.
9.
10.
10.
11.
11.
12.
12.
13. Other deductions (attach schedule) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.
14. Total deductions (add line 8 through line 13) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15. Net adjustment (subtract line 14 from line 7) Also enter on SC1120S, Part I, line 2 . . . . . . . . . . . . . . . . . .

SCHEDULE C
Sign
Here

14.
15.

RESERVED

Under penalty of law, I certify that I have examined this return, including accompanying annual report, statements, and schedules,
and it is true and complete to the best of my knowledge.

Signature of officer

Officer's title

Print officer's name

Date

I authorize the Director of the SCDOR or delegate to discuss this return,
attachments, and related tax matters with the preparer.
Yes
Paid
Preparer's

Preparer's
signature
Firm's name (or

Use Only yours if self-employed)

Date

Email
Phone number
Print preparer's name
No
Check if
self-employed

Preparer's phone number

PTIN or FEIN

ZIP
and address
If this is a corporation's final return, signing here authorizes the SCDOR to disclose that information to the South Carolina Secretary of State (SCSOS).
You must close with the SCSOS and the SCDOR.

Taxpayer's signature

30952089

Date

SC1120S

Page 3

SCHEDULE D

ANNUAL REPORT TO BE COMPLETED BY ALL CORPORATIONS

1. Name
2. Incorporated under the laws of the state of
3. Location of the registered office of the corporation in South Carolina
In the city of
Registered agent at this address
4. Principal office address
Nature of principal business in South Carolina
5. Total number of authorized shares of capital stock, itemized by class and series, if any, within each class:
Number of shares
Class
Series

6. Total number of issued and outstanding shares of capital stock itemized by class and series, if any, within each class:
Number of shares
Class
Series

7. Names and business addresses of the directors (or individuals functioning as directors) and principal officers in the corporation:
Attach separate schedules if you need more space.
Name
Title
Business address

8.
9.
10.
11.
12.

Date incorporated
Date commenced business in South Carolina
Date of this report
FEIN
If foreign corporation, the date qualified to do business in South Carolina
Was the name of the corporation changed during the year?
Previous name
The corporation's books are in the care of
Located at (street address)
13. The total amount of stated capital per balance sheet:
A. Total paid in capital stock (cannot be a negative amount) . . . . . . . . . . . . $
B. Total paid in capital surplus (cannot be a negative amount) . . . . . . . . . . $
C. Total amount of stated capital (cannot be a negative amount). . . . . . . . . $

Attach a complete copy of your federal return.
File electronically using Modernized Electronic Filing (MeF). It's the fastest and easiest way to complete your return!
Learn more at dor.sc.gov/biz-services.
Getting a refund? Choose Direct Deposit! It's fast, accurate, and secure!
Have a balance due? Pay electronically! It's quick and easy! Use our free online tax portal, MyDORWAY, at
dor.sc.gov/pay. Select Business Income Tax Payment to get started.
If you pay by check, make your check payable to SCDOR. Include your name, FEIN, tax year, and SC1120S in the
memo. Do not send cash.
Mail Balance Due returns to:
SCDOR
Corporate Taxable
PO Box 100151
Columbia, SC 29202

30953087

Mail Refund or Zero Tax returns to:
SCDOR
Corporate Refund
PO Box 125
Columbia, SC 29214-0032

SC1120S

Page 4

Only multi-state corporations must complete Schedules E, F, G, AND H
COMPUTATION OF LICENSE FEE OF MULTI-STATE CORPORATIONS

SCHEDULE E

1. Total capital and paid in surplus at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
2. SC proportion (multiply line 1 by ratio from Schedule H-1, H-2 or H-3, as appropriate) Also enter on SC1120S, line 14

SCHEDULE F

$

INCOME SUBJECT TO DIRECT ALLOCATION

Allocated Income

Gross
Amounts
1

Less:
Related
Expenses
2

Net Amounts
Allocated
Directly to SC
4

Net Amounts
Allocated Directly
to SC and Other States
3

1. Total income directly allocated
2. Income directly allocated to SC

Attach an explanation of each type of income listed above that is not allocated to South Carolina.

SCHEDULE G
1.
2.
3.
4.
5.
6.

COMPUTATION OF TAXABLE INCOME OF MULTI-STATE CORPORATIONS

Total net income as reconciled from SC1120S, page 1, line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income subject to direct allocation to SC and other states from Schedule F, line 1 . . . . . . . . . . . . . . . . . .
Total net income subject to apportionment (subtract line 2 from line 1) . . . . . . . . . . . . . . . . . . . . . . . . . .
Multiply line 3 by appropriate ratio from Schedule H-1, H-2, or H-3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income subject to direct allocation to SC from Schedule F, line 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total SC net income (add line 4 and line 5). Also enter on SC1120S, page 1, line 4 . . . . . . . . . . . . . . . . .

SCHEDULE H-1

1.
2.
3.
4.
5.
6.

COMPUTATION OF SALES RATIO

Amount
1. Total sales within South Carolina (see SC1120 instructions)
2. Total sales everywhere (see SC1120 instructions)
3. Sales ratio (line 1 divided by line 2)
If there are no sales anywhere: Enter 100% on line 3 if South Carolina is the principal place of business
Enter 0% on line 3 if principal place of business is outside South Carolina.

SCHEDULE H-2

Ratio

%

COMPUTATION OF GROSS RECEIPTS RATIO
Amount

1.
2.
3.
4.
5.
6.
7.

South Carolina gross receipts
Amounts allocated to South Carolina on Schedule F
South Carolina adjusted gross receipts (subtract line 2 from line 1)
Total gross receipts
Total amounts allocated on Schedule F
Total adjusted gross receipts (subtract line 5 from line 4)
Gross receipts ratio (line 3 divided by line 6)

SCHEDULE H-3

<

>

<

>
%

COMPUTATION OF RATIO FOR SECTION 12-6-2310 COMPANIES
Amount

1. Total within South Carolina (see SC1120 instructions)
2. Total everywhere
3. Taxable ratio (line 1 divided by line 2)

30954085

Ratio

Ratio

%

Page 5

SC1120S

SCHEDULE SC-K WORKSHEET

A

B

C

Description

Amounts From
Federal Schedule K

Plus or Minus
South Carolina
Adjustments

3

Ordinary business
income (loss)
Net rental real
estate income (loss)
Other net rental
income (loss)

4

Interest income

5

Dividends

6

9

Royalties
Net short-term
capital gain (loss)
Net long-term
capital gain (loss)
Net section
1231 gain (loss)

10

Other income (loss)

11

Section 179 deduction

1
2

7
8

12a

E

12c
12d

Other deductions

Nonrefundable Tax Credits: Enter total credits from SC1120TC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
You must attach your SC1120TC to this return.

30955082

F

Federal Schedule K Amounts Not Allocated or Amounts Allocated
Apportioned to SC
or Apportioned to
Amounts After SC
SC
Adjustments

Contributions
Investment
interest expense
Section 59(e)(2)
expenditures

12b

D

Page 6

SC1120S

SCHEDULE L

QSSSs AND DISREGARDED LLCs INCLUDED IN RETURN

List each Qualified Subchapter S Subsidiary (QSSS) doing business in South Carolina or registered with the SCSOS.

Name

FEIN/SC File #

List each disregarded Limited Liability Company (LLC) doing business in South Carolina or registered with the SCSOS.

Name

30956080

FEIN/SC File #

Page 7

SC1120S

SCHEDULE N

PROPERTY INFORMATION

Property within South Carolina
(a) Beginning Period

(b) Ending Period

1. Land
2. Buildings
3. Machinery and equipment
4. Construction in progress
5. Other property*
Total

*Provide an explanation or listing of property from line 5 above.
Description of Property

Total

30957088

(a) Beginning Period

(b) Ending Period