Form SC 1120 'c' Corporation Income Tax Return - South Carolina

Form SC1120 is a South Carolina Department of Revenue form also known as the "'c' Corporation Income Tax Return". The latest edition of the form was released in September 21, 2018 and is available for digital filing.

Download a PDF version of the Form SC1120 down below or find it on South Carolina Department of Revenue Forms website.

ADVERTISEMENT
1350
SC 1120
STATE OF SOUTH CAROLINA
'C' CORPORATION INCOME TAX RETURN
(Rev. 9/21/18)
dor.sc.gov
3091
Return is due on or before the 15th day of the 4th month following the close of the taxable year.
SC FILE #
-
-
INCOME TAX PERIOD ENDING
LICENSE FEE PERIOD ENDING
-
-
FEIN
NAME
MAILING ADDRESS
CITY
STATE
ZIP CODE
Change of
Address
Accounting Period
Officers
Attach complete copy of Federal Return
Check here if you filed a federal or state extension
(Complete
County or Counties in SC Where Property is Located:
Check if
Initial Return
Consolidated Return
Schedule M)
(Complete
Amended Return
Includes Disregarded LLC(s)
Schedule L)
City
Audit Location
State
If Filing a Final Return, see General Instructions, page 3. You MUST close
your account with the SECRETARY OF STATE and complete I-349.
Merged
Reorganized
Final
Total Gross Receipts
Audit Contact
Telephone Number
Total cost of depreciable personal property in SC
1. Federal Taxable Income per federal tax return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.
00
2. Net Adjustment from line 12, Schedule A and B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.
00
3. Total Net Income as Reconciled
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.
00
(line 1 plus or minus line 2)
4.
4. If Multi-state Corporation, enter amount from line 6, Schedule G; otherwise, enter amount from line 3.
00
<
>
5. LESS: South Carolina net operating loss carryover, if applicable . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.
00
6. South Carolina Net Income subject to tax
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.
00
(line 4 less line 5)
7. TAX: Multiply amount on line 6 by 5% (.05) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
00
7.
<
>
8. Less tax deferred on income from foreign trade receipts
. . . . . . . . . . . . . . . . . . . . . .
8.
00
(see instructions)
9. Balance
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.
00
(line 7 less line 8)
<
>
10. Credit Carryover
Nonrefundable credits
10.
00
00
.
(line 7, Schedule C)
(line 5, Schedule C)
11. Balance of tax
. Enter the difference but not less than zero . . . . . . . . . . . . . . . . . . .
11.
00
(line 9 less line 10)
12.
Interest on DISC-deferred tax liability
; or Foreign Trade Deferred Tax
00
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12.
00
Liability
00
00
13. Total tax and/or interest
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13.
(add lines 11 and 12)
14a.
00
14. Payments:
(a) Tax Withheld
. . . . . . . . . . . . . . . . . . . .
(Attach 1099s, I-290s, and/or W-2s; see instructions)
14b.
00
(b) Paid by Declaration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14c.
00
(c) Paid with Extension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(d) Credit from Line 29b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14d.
00
Refundable Credits: (e) Ammonia Additive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14e.
00
(f) Milk Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14f.
00
14g.
00
(g) Motor Fuel Income Tax Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15.
00
15. Total Payments and Refundable Credits
. . . . . . . . . . . . . . . . . . . . . . . . . . . .
(add lines 14a through 14g)
16. Balance of Tax and/or Interest Due
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16.
00
(line 13 less line 15)
17. (a) Interest Due
00
(b) Late File/Pay Penalty Due
00
00
(c) Declaration Penalty Due (Attach SC2220)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17.
00
Enter Total
(See penalty and interest instructions.)
18. TOTAL INCOME TAX, Interest and Penalty Due
. . . . . . . . . . . . BALANCE DUE
18.
00
(add lines 16 and 17)
00
19. OVERPAYMENT
To be applied as follows: . . . . . . . .
(line 15 less line 13)
00
00
(a)
(b)
(c)
Estimated Tax
License Fee
REFUND
00
PART II COMPUTATION OF LICENSE FEE AND SCHEDULES A, B, AND C PAGE 2
30911051
1350
SC 1120
STATE OF SOUTH CAROLINA
'C' CORPORATION INCOME TAX RETURN
(Rev. 9/21/18)
dor.sc.gov
3091
Return is due on or before the 15th day of the 4th month following the close of the taxable year.
SC FILE #
-
-
INCOME TAX PERIOD ENDING
LICENSE FEE PERIOD ENDING
-
-
FEIN
NAME
MAILING ADDRESS
CITY
STATE
ZIP CODE
Change of
Address
Accounting Period
Officers
Attach complete copy of Federal Return
Check here if you filed a federal or state extension
(Complete
County or Counties in SC Where Property is Located:
Check if
Initial Return
Consolidated Return
Schedule M)
(Complete
Amended Return
Includes Disregarded LLC(s)
Schedule L)
City
Audit Location
State
If Filing a Final Return, see General Instructions, page 3. You MUST close
your account with the SECRETARY OF STATE and complete I-349.
Merged
Reorganized
Final
Total Gross Receipts
Audit Contact
Telephone Number
Total cost of depreciable personal property in SC
1. Federal Taxable Income per federal tax return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.
00
2. Net Adjustment from line 12, Schedule A and B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.
00
3. Total Net Income as Reconciled
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.
00
(line 1 plus or minus line 2)
4.
4. If Multi-state Corporation, enter amount from line 6, Schedule G; otherwise, enter amount from line 3.
00
<
>
5. LESS: South Carolina net operating loss carryover, if applicable . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.
00
6. South Carolina Net Income subject to tax
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.
00
(line 4 less line 5)
7. TAX: Multiply amount on line 6 by 5% (.05) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
00
7.
<
>
8. Less tax deferred on income from foreign trade receipts
. . . . . . . . . . . . . . . . . . . . . .
8.
00
(see instructions)
9. Balance
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.
00
(line 7 less line 8)
<
>
10. Credit Carryover
Nonrefundable credits
10.
00
00
.
(line 7, Schedule C)
(line 5, Schedule C)
11. Balance of tax
. Enter the difference but not less than zero . . . . . . . . . . . . . . . . . . .
11.
00
(line 9 less line 10)
12.
Interest on DISC-deferred tax liability
; or Foreign Trade Deferred Tax
00
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12.
00
Liability
00
00
13. Total tax and/or interest
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13.
(add lines 11 and 12)
14a.
00
14. Payments:
(a) Tax Withheld
. . . . . . . . . . . . . . . . . . . .
(Attach 1099s, I-290s, and/or W-2s; see instructions)
14b.
00
(b) Paid by Declaration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14c.
00
(c) Paid with Extension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(d) Credit from Line 29b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14d.
00
Refundable Credits: (e) Ammonia Additive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14e.
00
(f) Milk Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14f.
00
14g.
00
(g) Motor Fuel Income Tax Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15.
00
15. Total Payments and Refundable Credits
. . . . . . . . . . . . . . . . . . . . . . . . . . . .
(add lines 14a through 14g)
16. Balance of Tax and/or Interest Due
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16.
00
(line 13 less line 15)
17. (a) Interest Due
00
(b) Late File/Pay Penalty Due
00
00
(c) Declaration Penalty Due (Attach SC2220)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17.
00
Enter Total
(See penalty and interest instructions.)
18. TOTAL INCOME TAX, Interest and Penalty Due
. . . . . . . . . . . . BALANCE DUE
18.
00
(add lines 16 and 17)
00
19. OVERPAYMENT
To be applied as follows: . . . . . . . .
(line 15 less line 13)
00
00
(a)
(b)
(c)
Estimated Tax
License Fee
REFUND
00
PART II COMPUTATION OF LICENSE FEE AND SCHEDULES A, B, AND C PAGE 2
30911051
SC1120
Page 2
00
20. Total Capital And Paid in Surplus
. . . . . . . . . . . . . . . . . . . . . . . .
20.
(Multi-State Corporations See Schedule E)
00
21.
21. FEE DUE - Line 20 x .001, plus $15.00
. . . . . . . . . . . . . . . .
(Fee cannot be less than $25.00 per taxpayer)
<
>
00
00
22.
22. Credit Carryover
Credit taken this year from SC1120TC, Part II, Column C
00
23.
23. Balance
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(line 21 less line 22)
00
24a.
24. Payments: (a) Paid with Extension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
00
(b) Credit from line 19b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24b.
00
25.
25. Total Payments
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(add line 24a and 24b)
00
26.
26. Balance of Fee Due
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(line 23 less line 25)
00
00
27. (a)
I
nterest Due
(b) Late File/Pay Penalty Due
00
27.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Enter Total
(See penalty and interest instructions.)
28. TOTAL LICENSE FEE, Interest and Penalty Due
. . . . . . . . . . . . . BALANCE DUE
28.
00
(add lines 26 and 27)
00
29. OVERPAYMENT
To be applied as follows:
(line 25 less line 23)
00
00
00
(a)
(b)
(c)
Estimated Tax
Income Tax
REFUND
00
30.
30. GRAND TOTAL: INCOME TAX and LICENSE FEE DUE
. . . . . . EFT
(add lines 18 and 28)
SCHEDULE A AND B
ADDITIONS TO FEDERAL TAXABLE INCOME
1.
Taxes on or Measured By Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.
2.
Federal Net Operating Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.
3.
3.
4.
4.
5.
Other Additions (attach schedule) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.
6.
Total Additions (add lines 1 through 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.
DEDUCTIONS FROM FEDERAL TAXABLE INCOME
7.
Interest On Obligations Of The U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.
8.
8.
9.
9.
10. Other Deductions (attach schedule) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10.
11. Total Deductions (add lines 7 through 10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11.
12. Net Adjustment (line 6 less line 11) Also enter on line 2, Part 1, SC1120 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12.
SCHEDULE C
SUMMARY OF INCOME TAX CREDITS (FROM SC1120-TC)
1. Credit Carryover From Previous Year's SC1120, Schedule C
1.
(NOTE:
Should agree to SC1120-TC Column A, line 13) . . . .
2. Enter Total Credits from SC1120-TC, Col. B, line 13. The SC1120-TC and schedule for each tax credit claimed
must be attached to the return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.
3. Total Credits (add lines 1 and 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.
4. Tax (line 9, Part 1, SC1120) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.
5. Lesser of line 3 or 4 (enter on line 10, Part 1, SC1120)
(NOTE: Should agree to SC1120-TC, Column C, line 13.) . . 5.
6. Enter Credits Lost Due to Statute
(NOTE: Should agree to SC1120-TC, Column D, line 13.) . . . . . . . . . . . . . . . . . . 6.
7. Credit Carryover (line 3 less lines 5 and 6)
7.
(NOTE: Should agree to SC1120-TC, Column E, line 13.). . . . . . . . . . . .
I, the undersigned, a principal officer of the corporation for which this return is made declare that this return, including accompanying Annual
Report, statements and schedules, has been examined by me and is to the best of my knowledge and belief, a true and complete return.
Sign
Here
Signature of officer
Officer's title
Email
Officer's printed name
Date
Telephone Number
Preparer's Printed Name
I authorize the Director of the Department of Revenue or delegate to
discuss this return, attachments and related tax matters with the preparer.
Yes
No
Date
Preparer's Telephone Number
Preparer's
Check if
Paid
signature
self-employed
Preparer's
Firm's name (or
PTIN or FEIN
Use Only
yours if self-employed)
ZIP Code
and address
If this is a corporation's final return, signing here authorizes the Department of Revenue to disclose that information with the Secretary of State. You
must close with the Secretary of State as well as the Department of Revenue and complete I-349.
Taxpayer's Signature
Date
30912059
SC1120
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 the State of South Carolina is
In the City of
Registered Agent at such address is
4.
Location of principal office (street address)
Nature of principal business in SC
5.
The total number of authorized shares of capital stock, itemized by class and series, if any, within each class is as follows:
NUMBER OF SHARES:
CLASS:
SERIES:
6.
The total number of issued and outstanding shares of capital stock itemized by class and series, if any, within each class is as follows:
NUMBER OF SHARES:
CLASS:
SERIES:
7.
The names and business addresses of the directors (or individuals functioning as directors) and principal officers in the Corporation are:
(If additional space is necessary, attach separate schedule).
NAME
TITLE
BUSINESS ADDRESS
8.
Date Incorporated
Date commenced business in the State of South Carolina was
9.
Date of this report
FEIN
10. If Foreign Corporation, the date qualified to do business in the State of South Carolina is
11. Was the name of the Corporation changed during the year?
Give old name
12. The Corporation's books are in the care of
Located at (street address)
13. If filing consolidated, complete and attach Schedule J for each Corporation included in the consolidation.
14. The total amount of stated capital per balance sheet is:
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 COMPLETE COPY OF FEDERAL RETURN
File electronically using Modernized Electronic Filing (MeF).
Pay online by credit card or electronic check using our free tax portal, MyDORWAY, at dor.sc.gov/pay. Select Business
Income Tax Payment to get started.
MAIL RETURN TO THE PROPER ADDRESS
BALANCE DUE:
REFUNDS OR ZERO TAX:
SC DEPARTMENT OF REVENUE
SC DEPARTMENT OF REVENUE
CORPORATE TAXABLE
CORPORATE REFUND
PO BOX 100151
PO BOX 125
COLUMBIA, SC 29202
COLUMBIA, SC 29214-0032
Note: If submitting payment by check, make check payable to SC Department of Revenue. Include Business Name and FEIN on check.
30913057
SC1120
Page 4
ONLY MULTI-STATE CORPORATIONS MUST COMPLETE SCHEDULES E, F, G, AND H
SCHEDULE E
COMPUTATION OF LICENSE FEE OF MULTI-STATE CORPORATIONS
1. Total Capital and Paid-in-Surplus at end of Year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
2. SC PROPORTION: (line 1 X ratio from Schedule H-1, H-2 or H-3, as appropriate). Also enter on line 20, Part II . . . $
SCHEDULE F
INCOME SUBJECT TO DIRECT ALLOCATION
Less:
Net Amounts
Net Amounts
Gross
Related
Allocated Directly
Allocated
Amounts
Expenses
to SC and Other States
Directly to SC
1
2
3
4
1. Interest not connected with business
2. Dividends received
3. Rents
4. Gains/losses on real property
5. Gains/losses on intangible pers. prop.
6. Investment income directly allocated
7. TOTAL INCOME DIRECTLY ALLOCATED
8. INCOME DIRECTLY ALLOCATED TO SC
SCHEDULE G
COMPUTATION OF TAXABLE INCOME OF MULTI-STATE CORPORATIONS
1.
1. Total net income as reconciled. Enter amount from line 3, Page 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.
2. Less: Income subject to direct allocation to SC and other states from Schedule F, line 7 . . . . . . . . . . . . . . .
3.
3. Total net income subject to apportionment (line 1 less line 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4. Multiply amount on line 3 by appropriate ratio from Schedule H-1, H-2, or H-3 and enter result here . . . . . .
4.
5.
5. Add: Income subject to direct allocation to SC from Schedule F, line 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.
6. Total SC Net Income (sum of lines 4 and 5 above) also enter on line 4, Part 1 of Page 1 . . . . . . . . . . . . . . .
COMPUTATION OF SALES RATIO
SCHEDULE H-1
Amount
Ratio
1. Total Sales Within South Carolina (see instructions)
2. Total Sales Everywhere (see instructions)
%
3. Sales Ratio (line 1 ÷ line 2)
Enter 100% on Line 3, if South Carolina is the principal place of business OR
Note: If there are no sales anywhere:
Enter 0% on Line 3, if principal place of business is outside South Carolina.
SCHEDULE H-2
COMPUTATION OF GROSS RECEIPTS RATIO
Amount
Ratio
1. South Carolina Gross Receipts
<
>
2. Amounts Allocated to South Carolina on Schedule F
3. South Carolina Adjusted Gross Receipts (line 1 – line 2)
4. Total Gross Receipts
<
>
5.
Total Amounts Allocated on Schedule F
6.
Total Adjusted Gross Receipts (line 4 – line 5)
7.
Gross Receipts Ratio (line 3 ÷ line 6)
%
SCHEDULE H-3
COMPUTATION OF RATIO FOR SECTION 12-6-2310 COMPANIES
Amount
Ratio
1. Total Within South Carolina (see instructions)
2. Total Everywhere
3. Taxable Ratio (line 1 ÷ line 2)
%
30914055
SC1120
Page 5
RESERVED
SCHEDULE I
SCHEDULE J
CORPORATIONS INCLUDED IN CONSOLIDATED RETURN
AFFILIATED CORPORATION NO.
1.
Name
2.
Incorporated under the laws of the State of
3.
Location of the Registered Office of the Corporation in the State of South Carolina is
In the City of
Registered Agent at such address is
4.
Location of principal office (street address)
Nature of principal business in S.C.
5.
The total number of authorized shares of capital stock, itemized by class and series, if any, within each class is as follows:
NUMBER OF SHARES
CLASS
SERIES
6.
The total number of issued and outstanding shares of capital stock itemized by class and series, if any, within each class is as follows:
NUMBER OF SHARES
CLASS
SERIES
7.
The names and business addresses of the directors (or individuals functioning as directors) and principal officers in the Corporation are:
(If additional space is necessary, attach separate schedule).
NAME
TITLE
BUSINESS ADDRESS
8.
Date Incorporated
Date commenced business in the State of South Carolina was
9.
Date of this report
FEIN
SC File #
10. If Foreign Corporation, the date qualified to do business in the State of South Carolina is
11. Was the name of the Corporation changed during the year?
Give old name
12. The Corporation's books are in the care of
Located at (street address)
13. Corporate Mailing Address
14. The total amount of stated capital per balance sheet is:
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) . . . . . . . . . $
For additional affiliated corporations, include additional Schedule Js as needed.
30915052

Download Form SC 1120 'c' Corporation Income Tax Return - South Carolina

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