Terms Used In South Carolina Code > Title 12 > Chapter 16 - Estate Tax

• Administrative Law Court: means the Administrative Law Court created by § 1-23-500. See South Carolina Code 12-60-30
• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• Agency: means any state officer, department, board, commission, committee, institution, bureau, division, or other person or functional group that is authorized to exercise or that does exercise any executive or administrative function of government in the State; when the term "local agency" is used, it shall be construed to mean local political subdivisions of the State; when the term "federal agency" is used, it shall be construed to mean any agency of the government of the United States of America;
  
  (2) "Director" means the Director for the Division of State Development. See South Carolina Code 13-1-310
• Alternative payment method: means fee payments as provided in § 12-44-50(A)(3). See South Carolina Code 12-44-30
• Ancillary administration: Probate administration of property (usually real property) owned in a State other than the one in which the decedent had his (her) principal residence at the time of death.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appraisal: A determination of property value.
• Arrest: Taking physical custody of a person by lawful authority.
• Assessment: means the department's recording the liability of the taxpayer in the office of the department, subject to the restrictions in § 12-60-440. See South Carolina Code 12-60-30
• assessor: means a county officer or official who issues an official property tax assessment for real property. See South Carolina Code 12-60-30
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• auditor: means a county officer or official who issues an official property tax assessment for personal property. See South Carolina Code 12-60-30
• Authority: means the State Fiscal Accountability Authority. See South Carolina Code 13-1-1000
• Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Bequest: Property gifted by will.
• Capital offense: A crime punishable by death.
• Chief judge: The judge who has primary responsibility for the administration of a court but also decides cases; chief judges are determined by seniority.
• Classification: means the various categories of property subject to property tax to which specific property tax assessment ratios apply. See South Carolina Code 12-60-30
• Clerk of court: An officer appointed by the court to work with the chief judge in overseeing the court's administration, especially to assist in managing the flow of cases through the court and to maintain court records.
• Commencement date: means the last day of the property tax year during which economic development property is placed in service, except that this date must not be later than the last day of the property tax year which is three years from the year in which the county and the sponsor enter into a fee agreement. See South Carolina Code 12-44-30
• Commission: means the Aeronautics Commission. See South Carolina Code 13-1-1000
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Concurrent resolution: A legislative measure, designated "S. Con. Res." and numbered consecutively upon introduction, generally employed to address the sentiments of both chambers, to deal with issues or matters affecting both houses, such as a concurrent budget resolution, or to create a temporary joint committee. Concurrent resolutions are not submitted to the President/Governor and thus do not have the force of law.
• Continuance: Putting off of a hearing ot trial until a later time.
• County: means the county or counties in which the project is proposed to be located. See South Carolina Code 12-44-30
• county board: means the board of assessment appeals which considers appeals of property tax assessments issued by the property tax assessor for the county and which also hears appeals of refund claims of property as determined by the majority of the county assessor, county auditor, and county treasurer. See South Carolina Code 12-60-30
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• 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.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• 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
• Department: means the South Carolina Department of Revenue. See South Carolina Code 12-60-30
• Department: means the South Carolina Department of Revenue. See South Carolina Code 12-44-30
• Devise: To gift property by will.
• Director: means the Director for the Division of Savannah Valley Development. See South Carolina Code 13-1-610
• Division: means the Division of State Development. See South Carolina Code 13-1-310
• Division: means the Division of Savannah Valley Development. See South Carolina Code 13-1-610
• Division: means the Division of Aeronautics. See South Carolina Code 13-1-1000
• Economic development property: means each item of real and tangible personal property comprising a project which satisfies the provisions of § 12-44-40(C) and other requirements of this chapter and is subject to a fee agreement. See South Carolina Code 12-44-30
• Enhanced investment: means a project that results in a total investment:
  
  (a) by a single sponsor investing at least one hundred fifty million dollars and creating at least one hundred twenty-five new full-time jobs at the project; provided that the new full-time jobs requirement of this subsection does not apply to a taxpayer who paid more than fifty percent of all property taxes actually collected in the county for more than twenty-five years, ending on the date of the fee agreement;
  
  (b) by a single sponsor investing at least four hundred million dollars; or
  
  (c) that satisfies the requirements of § 11-41-30(2)(a), and for which the Secretary of Commerce has delivered certification pursuant to § 11-41-70(2)(a). See South Carolina Code 12-44-30
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Executive director: means the Executive Director for the Division of Aeronautics. See South Carolina Code 13-1-1000
• Executor: A male person named in a will to carry out the decedent
• Executor: means personal representative as defined in item (9) of this section. See South Carolina Code 12-16-20
• Extradition: The formal process of delivering an accused or convicted person from authorities in one state to authorities in another state.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• 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
• Fee: means the amount paid in lieu of ad valorem property tax as provided in the fee agreement. See South Carolina Code 12-44-30
• Fee agreement: means an agreement between the sponsor and the county obligating the sponsor to pay fees instead of property taxes during the exemption period for each item of economic development property as more particularly described in § 12-44-40. See South Carolina Code 12-44-30
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Fiduciary: A trustee, executor, or administrator.
• Financial institution: means the term as used in Section 14 of the Iran Sanctions Act of 1996 (Public Law 104-172; 50 U. See South Carolina Code 11-57-30
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. ^{Source: OCC}
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
• 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
• Habeas corpus: A writ that is usually used to bring a prisoner before the court to determine the legality of his imprisonment. It may also be used to bring a person in custody before the court to give testimony, or to be prosecuted.
• Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
• Inducement resolution: means a resolution of the county setting forth the commitment of the county to enter into a fee agreement. See South Carolina Code 12-44-30
• Industrial development park: means an industrial or business park developed by two or more counties as defined in § 4-1-170. See South Carolina Code 12-44-30
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• 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
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Internal Revenue Code: means the Internal Revenue Code as described in § 12-6-40(A). See South Carolina Code 12-16-20
• Investment: means a commitment or contribution of funds or property, whatever the source, a loan or other extension of credit, and the entry into or renewal of a contract for goods or services. See South Carolina Code 11-57-30
• Investment period: means the period beginning with the first day that economic development property is purchased or acquired and ending five years after the commencement date; except that for a project with an enhanced investment as described above, the period ends eight years after the commencement date. See South Carolina Code 12-44-30
• Iran: includes the Government of Iran and any agency or instrumentality of Iran. See South Carolina Code 11-57-30
• Joint resolution: A legislative measure which requires the approval of both chambers.
• 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.
• Legal tender: coins, dollar bills, or other currency issued by a government as official money. ^{Source: U.S. Mint}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Minimum investment: means an investment in the project of at least two and one-half million dollars within the investment period. See South Carolina Code 12-44-30
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Net estate: means the net estate as determined under the provisions of the Internal Revenue Code. See South Carolina Code 12-16-20
• Nonresident: means a decedent who was domiciled outside of this State at his death. See South Carolina Code 12-16-20
• Oath: A promise to tell the truth.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Original transferor: means any transferor, as defined in Internal Revenue Code Section 2652, who by grant, gift, trust, will, or otherwise makes a transfer of real or personal property that results in a federal generation-skipping transfer tax under applicable provisions of the Internal Revenue Code at any time and for which a credit is available under Section 2604. See South Carolina Code 12-16-710
• Oversight: Committee review of the activities of a Federal agency or program.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means any of the following:
  
  (a) a natural person, corporation, company, limited liability company, business association, partnership, society, trust, or any other nongovernmental entity, organization, or group;
  
  (b) any governmental entity or instrumentality of a government, including a multilateral development institution, as defined in Section 1701(c)(3) of the International Financial Institutions Act (22 U. See South Carolina Code 11-57-30
• Person: means persons, corporations, associations, joint stock companies, and business trusts. See South Carolina Code 12-16-20
• 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
• Probable cause: A reasonable ground for belief that the offender violated a specific law.
• Probate: Proving a will
• Project: means land, buildings, and other improvements on the land, including water, sewage treatment and disposal facilities, air pollution control facilities, and all other machinery, apparatus, equipment, office facilities, and furnishings which are considered necessary, suitable, or useful by a sponsor. See South Carolina Code 12-44-30
• Property tax: means ad valorem taxes on real and personal property. See South Carolina Code 12-60-30
• Property tax assessment: means a valuation or determination of property value for annual property tax purposes arrived at by multiplying the fair market value or special use value of the property by the appropriate assessment ratio for the taxable property's classification. See South Carolina Code 12-60-30
• Property taxpayer: means a person who is liable for, or whose property or interest in property, is subject to, or liable for, a property tax imposed by this title. See South Carolina Code 12-60-30
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Protest: means a written appeal of a proposed assessment or a division decision made in accordance with this chapter. See South Carolina Code 12-60-30
• railroad: as used in this article shall include, but not be limited to, tracks, spurs, switches, terminal, terminal facilities, road beds, rights-of-way, bridges, stations, railroad cars, locomotives, or other vehicles constructed for operation over railroad tracks, crossing signs, lights, signals, storage, administration and repair buildings, and all structures and equipment which are necessary for the operation of the railroad;
  
  (5) to exercise the power of eminent domain by and in the name of the division. See South Carolina Code 13-1-1330
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Remand: When an appellate court sends a case back to a lower court for further proceedings.
• Resident: means a decedent who was domiciled in this State at his death. See South Carolina Code 12-16-20
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Secretary: means the Secretary of Commerce. See South Carolina Code 13-1-310
• Secretary: means the Secretary of Commerce. See South Carolina Code 13-1-610
• Service of process: The service of writs or summonses to the appropriate party.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Sponsor: means one or more entities which sign the fee agreement with the county and makes the minimum investment, subject to the provisions of § 12-44-40, each of which makes the minimum investment as provided in item (13) and also includes a sponsor affiliate unless the context clearly indicates otherwise. See South Carolina Code 12-44-30
• Sponsor affiliate: means an entity that joins with or is an affiliate of a sponsor and that participates in the investment in, or financing of, a project. See South Carolina Code 12-44-30
• State: means any state, territory, or possession of the United States and the District of Columbia. See South Carolina Code 12-16-20
• State: means the State of South Carolina. See South Carolina Code 13-1-310
• State agency: means each state board, commission, department, executive department or officer, institution, and instrumentality. See South Carolina Code 11-57-30
• Statute: A law passed by a legislature.
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• Subpoena: A command to a witness to appear and give testimony.
• Summons: Another word for subpoena used by the criminal justice system.
• 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
• taxes: means taxes, licenses, permits, fees, or other amounts, including interest, regulatory and other penalties, and civil fines, imposed by this title, or subject to assessment or collection by the department. See South Carolina Code 12-60-30
• Taxpayer: includes a licensee and an applicant for a license, issued by or administered by the department. See South Carolina Code 12-60-30
• Testify: Answer questions in court.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• 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
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• True bill: Another word for indictment.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• 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
• Venue: The geographical location in which a case is tried.
• Verdict: The decision of a petit jury or a judge.
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.