South Carolina Code 12-16-510. Estates of residents
(B) If any real and tangible personal property of a resident is located outside of this State and is subject to a death tax imposed by another state for which the federal credit is allowed, the amount of the tax due under this section must be credited with the lesser of:
Terms Used In South Carolina Code 12-16-510
- 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.
- 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
- Value: means "value" as finally determined for federal estate tax purposes under the Internal Revenue Code. See South Carolina Code 12-16-20
(1) the amount of the death tax paid the other state and credited against the federal estate tax; or
(2) an amount computed by multiplying the federal credit by a fraction, the numerator of which is the value of that part of the gross estate over which another state or states have jurisdiction to the same extent to which this State would exert jurisdiction under this chapter with respect to the residents of the other state or states and the denominator of which is the value of the decedent‘s gross estate.
(C) Property of a resident includes:
(1) real property situated in this State;
(2) tangible personal property having an actual situs in this State; and
(3) intangible personal property owned by the resident regardless of where it is located.