Article 3 Definitions and Applicable Law Section 127310. The following definitions apply in this chapter: (1) as defined in Internal Revenue ‘Adjusted gross income’ Code Section 62, except where specifically modified pursuant to this chapter. (2) a trade, profession, occupation, or an ‘Business’ includes employment. (3) the South Carolina Department of ‘Department’ means Revenue. (4) means the director of the department. ‘Director’ (5) as defined in IRC Section 441(e). ‘Fiscal year’ (6) as defined in IRC Section 61. ‘Gross income’ (7) of as defined in IRC Section 2(b). ‘Head household’ (8) as defined in Section 12220(2). ‘Individual’ (9) means all property other than tangible ‘Intangible property’ property. (10) Revenue or means the Internal ‘Internal Code’ ‘IRC’ Revenue Code enacted as of January 1, 2018, including any provisions enacted as of that date that take effect either before or after that date. However, with respect to Sections 151 and 152, relating to personal exemptions and dependent exemptions for purposes of determining eligibility, Revenue or ‘Internal Code’ means the Internal Revenue Code enacted as of January 1, ‘IRC’, 2017. (11) means either a domestic limited ‘Limited liability company’ liability company organized pursuant to Chapter 44, Title 33, or a foreign limited liability company authorized by that chapter to transact business in this State that is classified for federal income tax purposes as a partnership. As applied to a limited liability company that is a partnership under this chapter, the term ‘partner’ means a member of the limited liability company. (12) means an individual who is married and ‘Married individual’ is considered married as provided in IRC Section 7703. (13) means an individual who is not a ‘Nonresident individual’ resident of this State. (14) and dependent as defined in IRC ‘Personal exemption’ Sections 151 and 152 consisting of the exemption amount allowed by these sections applicable for taxable years beginning in 2018, and
Article 3 Definitions and Applicable Law Section 127310. The following definitions apply in this chapter: (1) ‘Adjusted gross income’ as defined in Internal Revenue Code Section 62, except where specifically modified pursuant to this chapter. (2) ‘Business’ includes a trade, profession, occupation, or an employment. (3) ‘Department’ means the South Carolina Department of Revenue. (4) ‘Director’ means the director of the department. (5) ‘Fiscal year’ as defined in IRC Section 441(e). (6) ‘Gross income’ as defined in IRC Section 61. (7) ‘Head of household’ as defined in IRC Section 2(b). (8) ‘Individual’ as defined in Section 12220(2). (9) ‘Intangible property’ means all property other than tangible property. (10) ‘Internal Revenue Code’ or ‘IRC’ means the Internal Revenue Code enacted as of January 1, 2018, including any provisions enacted as of that date that take effect either before or after that date. However, with respect to Sections 151 and 152, relating to personal exemptions and dependent exemptions for purposes of determining eligibility, ‘Internal Revenue Code’ or ‘IRC’, means the Internal Revenue Code enacted as of January 1, 2017. (11) ‘Limited liability company’ means either a domestic limited liability company organized pursuant to Chapter 44, Title 33, or a foreign limited liability company authorized by that chapter to transact business in this State that is classified for federal income tax purposes as a partnership. As applied to a limited liability company that is a partnership under this chapter, the term ‘partner’ means a member of the limited liability company. (12) ‘Married individual’ means an individual who is married and is considered married as provided in IRC Section 7703. (13) ‘Nonresident individual’ means an individual who is not a resident of this State. (14) ‘Personal and dependent exemption’ as defined in IRC Sections 151 and 152 consisting of the exemption amount allowed by these sections applicable for taxable years beginning in 2018, and