General Instructions For Form Sc1104 - Department Of Revenue - South Carolina

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GENERAL INSTRUCTIONS for SC1104 (Rev. 8/9/06)
WHAT'S NEW
Line 8 has been changed. Enter credits taken this year from SC 1120-TC on line 8.
GENERAL INFORMATION: Savings and Loan Associations cannot elect S Corporation status for SC income tax
purposes. For federal S corporations prepare and attach a pro forma Federal Form 1120 and enter the taxable income on
line 1.
Audit Location includes a block for Audit Contact information.
TAXPAYER ID INFORMATION: If preprinted name and address is not included on form, please enter them.
WHO MUST FILE FORM SC1104: Every savings and loan association located or doing business within SC.
WHERE TO FILE: SC Department of Revenue, Corporation Return, Columbia, SC 29214-0100.
WHEN TO FILE: SC1104 must be filed by the 15th day of the 3rd month after the tax year end.
REQUEST FOR EXTENSION TO FILE:
If any tax is anticipated to be due, the taxpayer must make payment with SC1120-T by original due date.
If no tax is anticipated to be due and the taxpayer has requested a federal extension, then the federal extension will
be accepted as a SC extension if the return is received within the time as extended by the Internal Revenue Service.
A copy of the federal or SC extension(s) must be attached to the return when filed.
There is no extension for payment of tax. Any tax due must be paid by the prescribed due date to avoid the
assessment of late penalties and interest.
DECLARATION OF ESTIMATED TAX: An association must file a Declaration of Estimated Tax with the SC
Department of Revenue on or before the fifteenth day of the fourth month of the taxable year, if the amount of estimated
tax is one hundred dollars or more. The Declaration of Estimated Tax must be calculated on SC1120-CDP. One
hundred percent of the tax liability shown to be due on the SC1120-CDP must be paid when filing the declaration or in
four equal installments on the fifteenth day of the fourth, sixth, ninth and twelfth months of the taxable year. An association
may avoid the penalty for Underpayment of Declaration by making each payment on time and if the total tax paid is at
least the same as the total tax due, pursuant to the requirements for federal estimated income tax in Internal Revenue
Code Section 6655. See SC2220 for computation of the penalty.
ACCOUNTING: The accounting method must be the same as the method used for federal income tax purposes. If a
change in accounting is approved or changed by the Internal Revenue Service, the taxpayer must provide the SC
Department of Revenue with a copy of the written permission received from the Internal Revenue Service.
BAD DEBT RESERVE: The bad debt deduction allowable for SC income tax purposes is the amount determined under
the Internal Revenue Code as amended through December 31, 1986.
Note: Any amount set aside as a bad debt reserve prior to 1986 under South Carolina's prior law may not be included in
SC taxable income as a result of the change in method in which the bad debt reserve is computed.
LINE BY LINE INSTRUCTIONS:
LINE 1
Enter the taxable income as shown on the federal tax return, Form 1120 or Form 1120A. The
federal return and all supporting schedules must be attached.
LINE 2 -Net Adjustment - See Schedule A and B
Some of the additions to federal net income are:
(A) State and local income taxes or state and local franchise taxes measured by net income, or any
income taxes, or any taxes measured by or with respect to net income.

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