South Carolina Code of Laws — Title 12 (Taxation)
S.C. Code Ann. § 12-37-1120
"In transit" property; records to be kept by warehouses; inspection of records; computations; claiming "no situs" status
All property claimed to be "no situs" under this article shall be designated as being "in transit" upon the books and records of the warehouse wherein it is located, which books and records of the warehouse shall contain a full, true and correct inventory of all such property. The books and records of any such warehouse with reference to any such "in transit" property shall be at all times open to the inspection of all taxing authorities of this State and of any political subdivision thereof. Any person making claim to "no situs" status on any property as provided for by this article shall determine the percentage of amount of "no situs" property by dividing the total property shipped during the entire latest period located in South Carolina, not exceeding thirty-six months, into the total property shipped outside the State of South Carolina during the same period. The percentage determined in accordance with this section shall be applied to the inventory on hand on the last day of the accounting period of the person to determine the amount of "no situs" property.
Any person making claim to "no situs" status of any property under this article shall do so in the form and manner prescribed by the South Carolina Department of Revenue and all such claims shall be accompanied by a certification of the warehouseman as to the percentage used.
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In this chapter (40 sections)
- 12-37-740 · Property of others shall be listed and assessed separately;…
- 12-37-750 · Omitted or false returns; notice to taxpayer; assessment…
- 12-37-760 · Auditor shall make return of personal property when…
- 12-37-780 · Procedure in case of suspected evasion or false return of…
- 12-37-800 · Penalty for failure to list real or personal property;…
- 12-37-810 · Penalty where taxpayer makes wilful false return;…
- 12-37-820 · Payment of expenses of examination
- 12-37-830 · Allowable expenses
- 12-37-840 · Assessment as a part of collection; auditor may secure full…
- 12-37-850 · Repealed
- 12-37-890 · Place where property shall be returned for taxation
- 12-37-900 · Personal property tax returns; exception for certain…
- 12-37-905 · Required date for filing property tax returns
- 12-37-930 · Valuation of property; depreciation allowances for…
- 12-37-935 · Maximum percentage depreciation; trust fund for tax relief
- 12-37-940 · Valuation of certain kinds of personal property
- 12-37-950 · Valuation of certain leasehold estates as real estate
- 12-37-970 · Assessment and return of property
- 12-37-975 · Filing of amended return
- 12-37-1110 · "Personal property in transit" defined; such property…
- 12-37-1120 · "In transit" property; records to be kept by warehouses;…
- 12-37-1130 · Penalties for false statements
- 12-37-1140 · Penalties for evasion of assessment or levy of taxes
- 12-37-1310 · "Manufacturer" defined
- 12-37-1610 · Returns of railroad companies to Department of Revenue
- 12-37-1630 · Valuation and allocation
- 12-37-1640 · Form of return and oath
- 12-37-1650 · Returns to be made by receivers
- 12-37-1660 · Power of department to question officers, agents and…
- 12-37-1670 · Railroad officer, receiver or agent who refuses to answer…
- 12-37-1680 · Proceedings in case of failure to file return
- 12-37-1940 · Statements of telegraph and telephone companies
- 12-37-1990 · Form of returns when no principal office is in State;…
- 12-37-2000 · Department shall examine statements and may require other…
- 12-37-2010 · Auditors may require agents to report length of lines in…
- 12-37-2020 · Actions for taxes in case of failure or refusal to pay;…
- 12-37-2110 · Definitions
- 12-37-2120 · Filing of report required
- 12-37-2130 · Annual valuation of private cars of private car companies
- 12-37-2140 · Method of valuation