South Carolina Statutes
§ 12-6-1150 — Net capital gain; deduction from taxable income for individuals, estates, and trusts.
(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.
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South Carolina § 12-6-1150 (Net capital gain; deduction from taxable income for individuals, estates, and trusts.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
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."
Nearby Sections
15
§ 12-6-10
Short title.§ 12-6-1110
Modifications of gross, adjusted gross, and taxable income calculated under Internal Revenue Code.§ 12-6-1120
Gross income; computation; modifications.§ 12-6-1130
Taxable income; computation; modifications.§ 12-6-1140
Deductions from individual taxable income.§ 12-6-1160
Dependent deduction for resident individual.§ 12-6-1170
Retirement income deduction from taxable income for individual; Section 12-6-1171 deduction.§ 12-6-1200
Exclusion from taxable income of amounts excluded from federal income tax by United States treaty.§ 12-6-1220
Individual Development Account.§ 12-6-1610
Definitions.