South Carolina Supreme Court upholds denial of deduction for expenses related to excluded dividends


An out-of-state corporation filing a South Carolina consolidated return properly excluded dividends received from its wholly owned subsidiaries from South Carolina income, but was not entitled to a deduction for expenses related to such excluded dividend income, the South Carolina Supreme Court held. [Emerson Electric Co. v. South Carolina Dep't of Rev., S.C., No. 27073, 12/12/2011]

Return to Tax research and insights
State and Local Tax