When did a corporation have to file a South Carolina declaration of estimated tax under the 1987 guidance?

Plain-English summary

SC Information Letter #87-7 said corporations had to make declarations of estimated tax unless estimated current-year South Carolina tax was less than $100.

Federal-rule distinction

The letter said South Carolina computed corporate estimated-tax underpayment penalties in the same manner as Internal Revenue Code Section 6654 but had not adopted the $40 filing requirement in Section 6154. Both the threshold and conformity statement are historical.

Subject

Declaration of Estimated Corporate Tax

Source

• Landing page: https://dor.sc.gov/advisory-opinion-search
• Original PDF: https://dor.sc.gov/sites/dor/files/policies/IL87-7.pdf

Original ruling text

SC INFORMATION LETTER 87-7

TO:

Vicki Jinnette
Public Information Officer

FROM:

John Swearingen, Manager
Tax Policy and Procedures Department

DATE:

October 20, 1987

SUBJECT:

Declaration of Estimated Corporate Tax

REFERENCE:

S.C. Code Section 12-7-2010

AUTHORITY:

S.C. Code Section 12-3-140
SC Revenue Procedure #87-3

SCOPE:

An Information Letter is a temporary document issued for the purpose of disseminating general tax information and to respond to technical questions from within the Commission which are not related to a specific set of facts.

Corporations must make declarations of estimated tax unless the current year's tax is estimated to be less than $100, as provided in South Carolina Code Section 12-7-2010. South Carolina Code Section 12-54-55, which provides that penalties for underpayment of corporation estimated tax be computed in the same manner as provided by IRC Section 6654, did not adopt the $40 filing requirement provided by IRC Section 6154.

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