Terms Used In South Carolina Code > Title 12 > Chapter 16 > Article 7 - Tax On Generation-Skipping Transfers

• Deficiency: means the amount by which the tax imposed by this chapter exceeds:
  
  (1) the sum of:
  
  (a) the amount shown as the tax by the taxpayer upon his return, if a return was made by the taxpayer and an amount was shown as the tax by the taxpayer thereon, plus
  
  (b) the amounts previously assessed (or collected without assessment) as a deficiency, over
  
  (2) the amount of any credits allowable with respect thereto. See South Carolina Code 12-16-20
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Internal Revenue Code: means the Internal Revenue Code as described in § 12-6-40(A). See South Carolina Code 12-16-20
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Original transferor: means any transferor, as defined in Internal Revenue Code Section 2652, who by grant, gift, trust, will, or otherwise makes a transfer of real or personal property that results in a federal generation-skipping transfer tax under applicable provisions of the Internal Revenue Code at any time and for which a credit is available under Section 2604. See South Carolina Code 12-16-710
• person: includes any individual, trust, estate, partnership, receiver, association, company, limited liability company, corporation, or other entity or group; and
  
  (2) "individual" means a human being. See South Carolina Code 12-2-20
• Person: means persons, corporations, associations, joint stock companies, and business trusts. See South Carolina Code 12-16-20
• Personal property: All property that is not real property.
• Resident: means a decedent who was domiciled in this State at his death. See South Carolina Code 12-16-20
• State: means any state, territory, or possession of the United States and the District of Columbia. See South Carolina Code 12-16-20
• Transfer: includes the passing of property or any interest therein, in possession or enjoyment, present or future, by inheritance, descent, devise, succession, bequest, grant, deed, bargain, sale, gift, or appointment in the manner herein described. See South Carolina Code 12-16-20
• United States: when used in a geographical sense includes only the fifty states and the District of Columbia. See South Carolina Code 12-16-20
• Value: means "value" as finally determined for federal estate tax purposes under the Internal Revenue Code. See South Carolina Code 12-16-20