How do I elect to prepare South Carolina I-435 - Active Trade or Business Income Election with a 1065 return using CCH® ProSystem fx® Tax and CCH Axcess™ Tax?
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Learn about South Carolina I-435 in a 1065 return with CCH® ProSystem fx® Tax and CCH Axcess™ Tax.
- CCH® ProSystem fx® Tax
- CCH Axcess™ Tax
- South Carolina
Form SC1065, Check box 'Check for Active Trade or Business Election', will be populate when partnership elects to pay tax at entity level.
- Go to South Carolina > SC11A, Box 30 (SC Worksheet > Reduced Tax Rate: I-435 > Active trade or business income selected I-435), select the checkbox.
- Calculate the return.
- SC Sch K-1 checkbox 'Partnership - Check for Active Trade or Business Election' will be populated when partnership elects to pay tax at entity level.
- SC Sch K-1, Line 14 will populate with a partner's share of Amount of active trade or business income taxed by partnership when this election is selected.
- SC1065, page 1, line 3 will populate with the tax calculated from I-435.