South Carolina General Assembly
104th Session, 1981-1982

Bill 2512

                    Current Status

Bill Number:               2512
Ratification Number:       177
Act Number                 126
Introducing Body:          House
Subject:                   Qualification of a nontaxable
                           exchange
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A126, R177, H2512)

AN ACT TO AMEND SECTION 12-7-930, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO GAINS OR LOSSES ON CERTAIN PROPERTY EXCHANGES AND THE BASIS OF PROPERTY RECEIVED IN SUCH EXCHANGES, SO AS TO PROVIDE THAT LIKE PROPERTY RECEIVED IN A NONTAXABLE EXCHANGE SHALL HAVE A SITUS IN THIS STATE TO QUALIFY AS A NONTAXABLE EXCHANGE.

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

Qualification of a nontaxable exchange

Section 1. Section 12-7-930 of the 1976 Code is amended by adding at the end:

"Like property received in a nontaxable exchange shall have a situs in this State in order to qualify under this section."

Applicability of Section 12-7-930

Section 2. The provisions of Section 12-7-930 of the 1976 Code, as amended by the provisions of Section 1 of this act, shall be applicable to all taxable years beginning on or after December 31, 1981.

Time effective

Section 3. This act shall take effect upon approval by the Governor.