South Carolina Code of Regulations
Chapter 117 - DEPARTMENT OF REVENUE
Article 24 - MISCELLANEOUS TAXES
Section 117-1550.1 - Determining Net Income of Building and Loan Associations
Universal Citation: SC Code Regs 117-1550.1
Current through Register Vol. 48, No. 3, March 22, 2024
In accordance with Section 12-13-30, any additions to reserves which are required by law, regulation or direction of appropriate supervisory agency must be allowed as a deduction in determining net income but the burden is upon the savings and loan association and/or building and loan association to show what the regulatory agency required.
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