South Carolina § 12-6-1150 Net capital gain; deduction from taxable income for individuals, estates, and trusts.

South Carolina Statutes

§ 12-6-1150 — Net capital gain; deduction from taxable income for individuals, estates, and trusts.

South Carolina § 12-6-1150

Title 12TAXATION

Ch. 6SOUTH CAROLINA INCOME TAX ACT

This text of South Carolina § 12-6-1150 (Net capital gain; deduction from taxable income for individuals, estates, and trusts.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 12-6-1150 (2026).

Text

(A)Individuals, estates, and trusts are allowed a deduction from South Carolina taxable income equal to forty-four percent of net capital gain recognized in this State during a taxable year. In the case of estates and trusts, the deduction is applicable only to income taxed to the estate or trust or individual beneficiaries and not income passed through to nonindividual beneficiaries.

(B)(1) South Carolina income includes capital gains and losses from partnerships and "S" Corporations.

(2)Net capital gain is as defined in Internal Revenue Code, Section 1222 and related sections.

Free access — add to your briefcase to read the full text and ask questions with AI

(A) Individuals, estates, and trusts are allowed a deduction from South Carolina taxable income equal to forty-four percent of net capital gain recognized in this State during a taxable year. In the case of estates and trusts, the deduction is applicable only to income taxed to the estate or trust or individual beneficiaries and not income passed through to nonindividual beneficiaries. (B)(1) South Carolina income includes capital gains and losses from partnerships and "S" Corporations. (2) Net capital gain is as defined in Internal Revenue Code, Section 1222 and related sections.

Legislative History

HISTORY: 1995 Act No. 76, SECTION 1; 2000 Act No. 387, Part II, SECTION 40B, eff June 30, 2000 and applicable for taxable years beginning after 2000. Editor's Note 2000 Act No. 387, Part II, SECTION 40A., provides as follows: "This section may be cited as the South Carolina Capital Gain Holding Period Reform Act."