Terms Used In South Carolina Code > Title 12 > Chapter 45 - County Treasurers and Collection of Taxes

• 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.
• 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.
• 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.
• 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.
• 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
• 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
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• 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
• Internal Revenue Code: means the Internal Revenue Code as described in § 12-6-40(A). 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.
• Lien: A claim against real or personal property in satisfaction of a debt.
• 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.
• 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
• 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
• 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
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• 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