Current Status Introducing Body:Senate Bill Number:384 Primary Sponsor:Stilwell Committee Number:06 Type of Legislation:GB Subject:Long-term capital gains Residing Body:Senate Current Committee:Finance Computer Document Number:384 Introduced Date:Jan 08, 1991 Last History Body:Senate Last History Date:Jan 08, 1991 Last History Type:Introduced and read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Stilwell Type of Legislation:General Bill
Bill Body Date Action Description CMN
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384 Senate Jan 08, 1991 Introduced and read first 06
time, referred to Committee
384 Senate Dec 10, 1990 Prefiled, referred to 06
Committee
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TO AMEND SECTION 27, PART II, ACT 658 OF 1988, AS AMENDED, RELATING TO THE SPECIAL TREATMENT FOR LONG TERM CAPITAL GAINS RECOGNIZED BETWEEN JANUARY 1, 1987, AND JUNE 22, 1987, SO AS TO CLARIFY THAT THE TREATMENT APPLIES TO LONG TERM CAPITAL GAINS RECOGNIZED PURSUANT TO TRANSACTIONS COMPLETED BETWEEN JANUARY 1, 1987, AND JUNE 22, 1987, AND SUCH GAINS RECOGNIZED ANY TIME IN 1987 PURSUANT TO A WRITTEN CONTRACT OF SALE EXECUTED BETWEEN JANUARY 1, 1987, AND JUNE 22, 1987.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 27 A, Part II, Act 658 of 1988, as amended by Section 42, Part II, Act 189 of 1989, is further amended to read:
"A. Long-term capital gains of individuals, partnerships (including S corporations), estates, and trusts which were recognized in 1987, pursuant to transactions completed between January 1, 1987, and June 22, 1987, and such gains recognized anytime in 1987 pursuant to a written contract of sale executed between January 1, 1987, and June 22, 1987, must be determined in accordance with the provisions of Section 1202 of the Internal Revenue Code of 1954, as amended through December 31, 1985."
SECTION 2. This act takes effect upon approval by the Governor.