Sc Sch.tc-46 - Credit For S Corporation Bank Shareholders

ADVERTISEMENT

1350
1350
STATE OF SOUTH CAROLINA
SC SCH.TC-46
DEPARTMENT OF REVENUE
CREDIT FOR S CORPORATION
(Rev. 1/8/08)
3442
BANK SHAREHOLDERS
Attach to your Income Tax Return
20
Name As Shown On Tax Return
SS No.
Credit Computation
1. Amount of individual income tax due on your current year return…..…….…..............................
$
1.
2. Amount of tax due on active trade or business income for current year .....................................
$
2.
3. Add lines 1 and 2........................................................................................................................
$
3.
4. Total of all credits, other than this credit, used on current year tax return ………………………..
$
4.
5. Line 3 minus line 4 ……………………….....................................................................................
$
5.
6. Net income items or income and expense of the bank.………………………...............................
$
6.
7. Percentage ownership of S corporation (Round to 4th decimal place)........................................
%
7.
8. Multiply line 6 by line 7. This is your prorata net income (loss) from the bank.............................
$
8.
Note: Before completing lines 9 through 13, you must complete a separate hypothetical South Carolina return excluding
the prorata net income (loss) from line 8. Keep the hypothetical return with your tax records.
9. Recalculated tax due on active trade or business income (see instructions).…..........................
$
9.
10. Recalculated individual income tax due (see instructions)..........................................................
$
10.
11. Add lines 9 and 10 ………………………………………………………………………………………
$
11.
12. Recalculated total of all credits, other than this credit, that can be used on the current year
tax return ....................................................................................................................................
$
12.
13. Line 11 minus line 12………………….........................................................................................
$
13.
14. Line 5 minus line 13. This is your tentative credit........................................................................
$
14.
15. South Carolina bank tax owed and paid by the S corporation.....................................................
$
15.
16. Multiply line 15 by line 7. This is your prorata share of South Carolina bank tax paid by the S
corporation ……………………….................................................................................................
$
16.
17. Enter the smaller of line 14 or line 16. This is the amount of credit available. Enter the credit
on the appropriate line of SC1040TC .........................................................................................
$
17.
34421016

ADVERTISEMENT

00 votes

Related Articles

Related forms

Related Categories

Parent category: Financial
Go
Page of 2