If, after the filing of a duplicate federal generation-skipping tax return, the Internal Revenue Service increases or decreases the amount of the federal generation-skipping transfer tax, an amended return must be filed with the department showing all changes made in the original return and the amount of increase or decrease in the federal generation-skipping transfer tax.

If, based upon the deficiency and the ground therefor, it appears that the amount of tax previously paid this State is less than the amount of tax owing, the difference together with interest, as computed under § 12-54-25, must be paid upon notice and demand by the department. If the person required to file a return and pay the tax fails to file the return required by this section, any additional tax which is owing may be assessed, or a proceeding in court for the tax may be begun without assessment, at any time prior to the filing of the return or within thirty days after the delinquent filing of the return.

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Terms Used In South Carolina Code 12-16-740

  • 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
  • Person: means persons, corporations, associations, joint stock companies, and business trusts. 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