2018 South Carolina Code of Laws
Title 33 - Corporations, Partnerships and Associations
CHAPTER 39 - COUNTY BUSINESS DEVELOPMENT CORPORATIONS
Section 33-39-70. Tax credit for nondeductible losses arising from sale and other disposition of securities of corporation.
Any stockholder, member or other holder of any securities, evidences of indebtedness or shares of the capital stock of the corporation who realizes a loss from the sale, redemption or other disposition of any securities, evidences of indebtedness or shares of the capital stock of the corporation, including any such loss realized on a partial or complete liquidation of the corporation, and who is not entitled to deduct such loss in computing any of such stockholder's, member's or other holder's taxes to the State shall be entitled to credit against any taxes subsequently becoming due to the State from such stockholder, member or other holder a percentage of such loss equivalent to the highest rate of tax assessed for the year in which the loss occurs upon mercantile and business corporations.
HISTORY: 1962 Code Section 12-1207; 1960 (51) 1907.
