In a case that will have far reaching implications for many estate and financial planners, the South Carolina Supreme Court reversed the South Carolina Administrative Law Court and concluded that real property owned by a single member limited liability company may qualify for favorable property treatment as a legal residenceCFRE, LLC v. Greenville County Assessor, Opinion No. 27032 (SC Supreme Court filed August 29, 2011).
In order to put this opinion in perspective, a brief review of South Carolina income and property taxation is helpful. Turning first to the income tax, South ...
The "South Carolina Small Business Regulatory Flexibility Act of 2004" requires the South Carolina Department of Revenue (DOR) to review its regulations every five years to ensure that regulations do not place any unnecessary burdens on small businesses. Another provision of South Carolina law requires DOR to review its regulations every five years to determine if they should be retained, amended or repealed. At the conclusion of the review process DOR prepares a report and provides it to the South Carolina Small Business Regulatory Review Committee and the South Carolina Code ...