South Carolina Code 12-16-520. Estates of nonresidents
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(A) A tax in an amount computed as provided in this section is imposed on the transfer of every nonresident‘s taxable estate located in this State.
The tax is 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 this State has jurisdiction for estate tax purposes and the denominator of which is the value of the decedent‘s gross estate.
Terms Used In South Carolina Code 12-16-520
- 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
- 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
- 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.
- State: means any state, territory, or possession of the United States and the District of Columbia. 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
(B) For purposes of this section, property located in this State which is taxable to a nonresident includes:
(1) real property and real property interests located in this State, including mineral interests, royalties, production payments, leasehold interests, or working interests in oil, gas, coal, or any other minerals; and
(2) tangible personal property having an actual situs in this State.