Terms Used In South Carolina Code > Title 12 > Chapter 16 > Article 11 - Returns and Payment of Tax

• 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.
• Appraisal: A determination of property value.
• Arrest: Taking physical custody of a person by lawful authority.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• 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}
• Conviction: A judgement of guilt against a criminal defendant.
• 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.
• 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
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• 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.
• individual: means a human being. See South Carolina Code 12-2-20
• 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.
• Legal tender: coins, dollar bills, or other currency issued by a government as official money. ^{Source: U.S. Mint}
• 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.
• person: includes any individual, trust, estate, partnership, receiver, association, company, limited liability company, corporation, or other entity or group; and
  
  (2) "individual" means a human being. See South Carolina Code 12-2-20
• 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
• Probate: Proving a will
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• 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.
• 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
• Summons: Another word for subpoena used by the criminal justice system.
• 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
• Trustee: A person or institution holding and administering property in trust.
• 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