Terms Used In South Carolina Code > Title 12 > Chapter 16 > Article 5 - Imposition of Tax

• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Decedent: A deceased person.
• Decedent: means a deceased person. See South Carolina Code 12-16-20
• Federal credit: means the maximum amount of the credit for state death taxes allowable by Internal Revenue Code Section 2011. See South Carolina Code 12-16-20
• Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
• Gross estate: means "gross estate" as defined in Internal Revenue Code Section 2031. See South Carolina Code 12-16-20
• Intangible personal property: means incorporeal personal property including deposits in banks, negotiable instruments, mortgages, debts, receivables, shares of stock, bonds, notes, creditors, evidences of an interest in property, evidences of debt, and choses in action generally. See South Carolina Code 12-16-20
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Nonresident: means a decedent who was domiciled outside of this State at his death. 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
• Personal property: All property that is not real property.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• 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
• Tangible personal property: means corporeal personal property, including money. See South Carolina Code 12-16-20
• Taxable estate: means "taxable estate" as defined in Internal Revenue Code Section 2051. 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