South Carolina General Assembly
104th Session, 1981-1982

Bill 163


                    Current Status

Bill Number:               163
Ratification Number:       121
Act Number                 81
Introducing Body:          Senate
Subject:                   Property not considered capital assets
                           for income tax purposes, exception,
           evergreen trees
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A81, R121, S163)

AN ACT TO AMEND SECTION 12-7-670, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY NOT CONSIDERED CAPITAL ASSETS FOR INCOME TAX PURPOSES, SO AS TO PROVIDE AN EXCEPTION FOR EVERGREEN TREES WHICH ARE MORE THAN SIX YEARS OLD AT THE TIME SEVERED FROM THE ROOTS AND SOLD FOR ORNAMENTAL PURPOSES.

Be it enacted by the General Assembly of the State of South Carolina:

Evergreen trees considered capital assets

Section 1. Item (1) of Section 12-7-670 of the 1976 Code is amended by striking the semicolon at the end and inserting:

", except evergreen trees which are more than six years old at the time severed from the roots and are sold for ornamental purposes;".

The item when amended shall read:

"(1) Stock in trade of the taxpayer or other property of a kind which would properly be included in the inventory of the taxpayer if on hand at the close of the taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business, except evergreen trees which are more than six years old at the time severed from the roots and are sold for ornamental purposes;".

Time effective

Section 2. This act shall take effect upon approval by the Governor.