South Carolina Code 12-16-20. Definitions
(1) "Decedent" means a deceased person.
Terms Used In South Carolina Code 12-16-20
- Bequest: Property gifted by will.
- Decedent: means a deceased person. See South Carolina Code 12-16-20
- Decedent: A deceased person.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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 - Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Internal Revenue Code: means the Internal Revenue Code as described in § 12-6-40(A). See South Carolina Code 12-16-20
- Net estate: means the net estate as determined under the provisions of the Internal Revenue Code. 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.
- Personal representative: means the personal representative of the estate of the decedent, appointed, qualified, and acting within the State, or, if there is no personal representative appointed, qualified, and acting within the State, then any person in actual or constructive possession of the South Carolina gross estate of the decedent. 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
- 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
(2) "Federal credit" means the maximum amount of the credit for state death taxes allowable by Internal Revenue Code Section 2011. The term "maximum amount" must be construed so as to take full advantage of the credit as allowed by the Internal Revenue Code Section 2011, but (a) only after taking into account other federal estate tax credits permitted by the Internal Revenue Code and (b) not in excess of the amount necessary to reduce the federal estate tax to zero.
(3) "Gross estate" means "gross estate" as defined in Internal Revenue Code Section 2031.
(4) "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.
(5) "Internal Revenue Code" means the Internal Revenue Code as described in § 12-6-40(A).
(6) "Net estate" means the net estate as determined under the provisions of the Internal Revenue Code.
(7) "Nonresident" means a decedent who was domiciled outside of this State at his death.
(8) "Person" means persons, corporations, associations, joint stock companies, and business trusts.
(9) "Personal representative" means the personal representative of the estate of the decedent, appointed, qualified, and acting within the State, or, if there is no personal representative appointed, qualified, and acting within the State, then any person in actual or constructive possession of the South Carolina gross estate of the decedent.
(10) "Resident" means a decedent who was domiciled in this State at his death.
(11) "State" means any state, territory, or possession of the United States and the District of Columbia.
(12) "Tangible personal property" means corporeal personal property, including money.
(13) "Taxable estate" means "taxable estate" as defined in Internal Revenue Code Section 2051.
(14) "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.
(15) "United States" when used in a geographical sense includes only the fifty states and the District of Columbia.
(16) "Value" means "value" as finally determined for federal estate tax purposes under the Internal Revenue Code.
(17) "Executor" means personal representative as defined in item (9) of this section.
(18) "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.