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Form 4797 for South Carolina: What You Should Know
Tax Exempt Bond Trust (Exempt from S Corporation Tax) All the above examples for S corporation and partnerships use the same form to report an income from a bond trust. You need the following information from the bond under the “Other Information” section of the form. Form 1099 — The corporation must report the bond, interest, and dividend income from the corporation. This is how the corporation has received the income. North Carolina Department of Revenue — ACTOR This Act repeals the provisions of N.C.G.S. § 74-21.14, which required bond trusts to provide notice to the Department of Taxes, before the Department would consider the bond to be taxable. The new law allows a bond trust to amend its instrument before the Department of Taxes (DOT) takes action to require notice, if any. The bond trustee will provide the waiver notice and the notice is deemed given at the time of the receipt of the original notice. The new law does not change the notice to the DOT. Form 8283: Reporting a Partnership Income Interest This form is filed with the Department to report the income. For this form, the form provides information regarding: • Total income earned on the partnership assets, including gross partnership profits and losses from disposition of property; • Grossing income earned on a partnership interest; and • The partnership's share of a partnership's earnings and profits that are distributed to its partners.
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