(A) A tax in an amount computed as provided in this section is imposed upon the transfer of real property and tangible personal property having an actual situs in this State and upon intangible personal property physically present within this State of every person who at the time of death was not a resident of the United States.

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 decedent‘s gross estate taxable by the United States wherever situated.

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Terms Used In South Carolina Code 12-16-530

  • 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: means a deceased person. See South Carolina Code 12-16-20
  • Decedent: A deceased person.
  • 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.
  • 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
  • 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

(B) Resident aliens of the United States are subject to the tax imposed by this chapter under § 12-16-520 when the decedent, at the time of death, was not a resident of this State but was a resident of the United States. A resident alien who, at the time of death, was a resident of this State and a resident of the United States is subject to the tax imposed by this chapter under § 12-16-510.

(C) For purposes of this section, stock in a corporation organized under the laws of this State is considered physically present within this State.

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