South Carolina Code 12-16-1120. Amended return; assessment of deficiency; limitations period
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(A) If the personal representative files an amended federal estate tax return, he shall immediately file with the department an amended return covering the tax imposed by this chapter, accompanying the same with a copy of the amended federal estate tax return. If the personal representative is required to pay an additional tax under this chapter pursuant to the amended return, he shall pay the tax, together with interest as provided in § 12-54-25, at the time of filing the amended return.
(B) If, upon final determination of the federal estate tax due, a deficiency is assessed, the personal representative shall, within sixty days after this determination, give written notice of the deficiency to the department. If any additional tax is due under this chapter by reason of this determination, the personal representative shall pay the additional tax, together with interest as provided in § 12-54-25, at the same time he files the notice.
Terms Used In South Carolina Code 12-16-1120
- 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 - Personal representative: means the personal representative of the estate of the decedent, appointed, qualified, and acting within the State, or, if there is no personal representative appointed, qualified, and acting within the State, then any person in actual or constructive possession of the South Carolina gross estate of the decedent. See South Carolina Code 12-16-20
(C) The limitations on assessment of taxes provided in this chapter do not expire any earlier than ninety days after the personal representative provides the department with the notice required in subsection (B).