Form SC1120

General Information

Provide the SC File Number, the income tax and license fee period ending dates, the county or counties in South Carolina where property is located, and the audit location and contact information. If you are filing a final return, see the SC general instructions regarding completing I-349.  You must close your account with the Secretary of State. Check the box if you are filing a federal or state extension.

Part I – Computation of Income Tax Liability

The federal taxable income from your federal tax return will flow automatically to SC1120, Line 1.

Schedule A and B

SC1120 Line 2, Net Adjustment. Complete Schedule A and B, SC1120 Page 2.  Worksheets are available for direct entry of any addition and subtraction adjustments relating to net income not included in the federal return. The net adjustment will carry to this line.

Multi-State Corporations

If this corporation has operations in multiple states, Schedule G, Computation of Taxable Income of Multi-State Corporations, must be completed to determine South Carolina net income or loss for state purposes. In order for Schedule G to calculate, check either the Schedule H-1, H-2, or H-3 box above Schedule E to determine the applicable apportionment ratio. If the Schedule H-1 or H-2 checkbox is checked, amounts will automatically carry from the Apportionment and Allocation Worksheet.  If Schedule H-3 applies, direct entry is required for Lines 1 and 2.