Posts from December 2016.

In Notice 2017-10, the IRS has determined that certain conservation easements are now "listed transactions" for purposes of federal tax reporting. "Syndicated" conservation easements are conservation easements donated by a pass-through entity (such as an LLC or partnership) interests in which have been sold, or syndicated, by a promoter to outside investors. Because the charitable deductions generated by conservation easements themselves cannot be sold, promoters circumvent this by selling interests in the underlying donor LLC or partnership entity and then passing the ...

The South Carolina Department of Revenue (the "Department" or "DOR") issued SC Revenue Ruling #16-12 on December 16, 2016. The ruling provides guidance to manufacturers on property tax return filings, assessment procedures, and payment obligations. The ruling focuses primarily on the procedural aspects applicable to a manufacturer's property tax obligations as opposed to substantive provisions used to determine a manufacturer's property tax liability.

While a taxpayer's liability for property tax under general South Carolina law is determined based on property the ...

South Carolina offers a wide variety of economic development incentives to businesses seeking to locate or expand in the state. This incentive array focuses on certain types of businesses the state wishes to attract. One such business is the warehouse and distribution facility.

Like all states, the State of South Carolina, and its local government bodies (counties and cities), impose a number of different taxes on businesses, including a state income tax, sales and use taxes, property taxes, and local business license taxes. The South Carolina General Assembly and local ...

The Internal Revenue Code (IRC) provides that distributions from certain retirement arrangements (e.g., qualified retirement plans, individual retirement accounts (IRAs), §403(a) annuity plans, §403(b) tax-sheltered annuities, and §457 eligible governmental plans) will not be taxed (the tax is deferred) if the distribution is transferred to an eligible retirement plan (typically one of the above-described arrangements) within 60 days of receipt (i.e., a rollover distribution). The 60 day transfer requirement is commonly referred to as the "60 day rollover ...

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