Bill 302

                    Current Status

Bill Number:               302
Ratification Number:       99
Act Number                 61
Introducing Body:          Senate
Subject:                   Federal Internal Revenue Code sections
                           adopted

(A61, R99, S302)

AN ACT TO AMEND SECTION 12-7-1360, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE INSTALLMENT METHOD OF REPORTING CERTAIN INCOME, SO AS TO ADOPT FEDERAL INTERNAL REVENUE CODE SECTIONS 453, 453A AND 453B AND APPLICABLE REGULATIONS IN EFFECT AS OF DECEMBER 31, 1980, AND DELETE PROVISIONS OF THE SECTION NO LONGER REQUIRED FOLLOWING SUCH ADOPTION.

Be it enacted by the General Assembly of the State of South Carolina:

Federal Internal Revenue Code sections adopted

SECTION 1. Section 12-7-1360 of the 1976 Code is amended to read:

"Section 12-7-1360. (1) The provisions of Federal Internal Revenue Code Sections 453, 453A and 453B and applicable regulations in effect as of December 31, 1980, relating to the installment method of reporting certain income, shall apply for South Carolina income tax purposes.

(2) Any taxpayer returning income under the provisions of this section, intending to abandon his residence in this State, or planning to cease transacting, conducting or doing business in this State planning to merge or consolidate its business with another corporation or other interest, or planning to dissolve and surrender its charter within thirty days of the adoption of such intention or of the adoption of such plan, shall make a full report to the commission of any unrealized or unreported income from installment sales made under the provisions of this section; and in its discretion the commission may require to be paid forthwith any tax which may be due on such income. The form of such report and the manner of paying such tax shall be prescribed by the commission."

Time effective

SECTION 2. This act shall take effect for tax years beginning after December 31, 1980.