S.C. Code Regs. § § 117-740.1

Current through Register Vol. 48, 12, December 27, 2024

Section 117-740.1 - Apportionment of Gains/Losses from Asset Retirement

Any taxpayer electing the non-recognition of gains or losses realized upon the normal retirement of assets from productive use in the taxpayer's trade or business pursuant to IRS Regulation Regulation1.167(a)-8, in effect on December 31, 1975, shall remove all such dispositions from the denominator of the property factor and, if the property disposed of had a situs in this State, from the numerator of the property factor in computing the property ratio for the purposes of the three factor apportionment formula (with a double weighted sales factor) prescribed by Section 12-6-2250.

S.C. Code Regs. § 117-740.1

Added by State Register Volume 27, Issue No. 6, Part 2, eff June 27, 2003.