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Form 3921 for South Carolina: What You Should Know
This is used exclusively to report the sale or exchange of property. Form 4797.1 — Report of Sale. This form is used for the sale of business property to a dealer licensed as a dealer in business under section 1201 or part 121 of this chapter; a dealer licensed as a dealer under section 1202 or part 125 of this chapter; a manufacturer or reseller of business property under section 1204 or 1207 of this chapter; or any other business entity authorized by section 1221.2 of this chapter to be a seller in this state under subsection 13 of the sale by dealer rules. Form 4797.1 — Report of Sale Form 4797.1. Form 4797.1. Sellers of business property report under these procedures how they intend to dispose of their property after the sale. The record to be entered on Form 4797.1 is the sale price on a record of sale form prepared in accordance with section 4207(c). Where the record to be entered on Form 4797.1 is not prepared in accordance with section 4207(c), it is the duty of each record keeping officer to ascertain, in the first instance, how the sales amount was determined. When the record to be entered on Form 4797.1 is not prepared in accordance with section 4207(c), it is the duty of each record keeping officer to enter a statement on the record explaining the method to be used to determine the sales price or proceeds from the sale. When the method used to determine the sales price or proceeds from the sale is to be set forth, it is the duty of that person or persons to: Identify on the record the method referred to in the introductory paragraph; and if it is a statement of method prepared in accordance with section 4207(c), clearly and legibly record the method. Form 4797.1. Seller of business property record on it the price realized in the sale or exchange of the property, or if sold to a dealer, the price realized from the sale or exchange of the property acquired in the course of business in this state, less any deductions or credits taken in computing the proceeds of sale or from the proceeds of disposal or any other gain in such sale, that the seller received or expects to receive by reason of the sale and that have not been taken into account as part of the amount of net proceeds from the sale under section 1611 for purposes of determining tax on the purchase price of the property.
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