S.C. Code Regs. 117-670 — Reporting Final Income When Planning to Cease Doing Business in State

A taxpayer planning to cease doing business in this State by the incorporation of an existing business
or, in the case of a corporate taxpayer other than a subsidiary corporation, by the dissolution or
surrender of its Charter, shall make a complete accounting of all items of income and expense not
previously taken into account because the accounting method used by the taxpayer did not require the
reporting of the items.
An individual taxpayer shall report all items of such income in his personal return for the year of
incorporation. A corporate taxpayer shall report all items of such income in its final return.