Posts from February 2017.

Property tax values in South Carolina are generally determined every five years through county-wide reassessments. Since property tax values are determined every five years (and subject to a 15% cap on increases under reassessments), the fair market value of property is often higher than the property tax value. When property is sold, however, property is revalued for property tax purposes at its fair market value, beginning in the property tax year following the sale.

Example: John purchased an apartment building in 2013 for $8 million. The property was assigned a value of $8 ...

There is a long list of reforms that the Trump administration intends to tackle and one of the items on the list is tax reform. Although there are multiple proposals by various players and significant variations among the proposals, the three primary goals of reform appear to be a reduction in income tax rates for both corporations and individuals, simplification, and some adjustment of the international tax regime. As is the case with all things political, the outcome is difficult to predict with any certainty and perhaps all or none of these objectives will be achieved. This ...

Posted in: Federal Tax

In Olds v. City of Goose Creek, 2016 S.C. App. LEXIS 147, the South Carolina Court of Appeals provides a thorough discussion of the application of the South Carolina business license tax to a taxpayer's gross income. The central issue of the case concerns the meaning of the term "gross income" and how that term is used in computing a taxpayer's business license tax under the City of Goose Creek's applicable business license ordinance.

The facts of this case indicate that Olds was engaged in the business of buying and selling real property. In January 2011, when Olds filed an application to ...

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