Any stockholder, member, or other holder of any securities, evidences of indebtedness, or shares of the capital stock of the corporation or any of its subsidiaries who realizes a loss from the sale, redemption or other disposition of any securities, evidences of indebtedness, or shares of the capital stock of the corporation, including any such loss realized on a partial or complete liquidation of the corporation, and who is not entitled to deduct such loss in computing any of the stockholder's, member's or other holder's taxes to the State, must be entitled to credit against any taxes subsequently becoming due to the State from the stockholder, member or other holder a percentage of such loss equivalent to the highest rate of tax assessed for the year in which the loss occurs upon mercantile and business corporations.
HISTORY: 1962 Code Section 12-1108; 1958 (50) 1886; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.
Effect of Amendment
2015 Act No. 60, Section 1, inserted a comma following "member" and the two instances of "indebtedness", inserted "or any of its subsidiaries" before "who realizes a loss", substituted "any of the stockholder's" for "any of such stockholder's", substituted "must be entitled" for "shall be entitled", and substituted "due to the State from the stockholder" for "due to the State from such stockholder".
Structure South Carolina Code of Laws
Title 33 - Corporations, Partnerships and Associations
Chapter 37 - Business Development Corporations
Section 33-37-10. Definitions.
Section 33-37-20. Deposit of funds.
Section 33-37-30, 33-37-40. Reserved.
Section 33-37-60. Credit of State is not pledged.
Section 33-37-210. Filing declaration of charter; contents.
Section 33-37-220. Additional contents of declaration of charter.
Section 33-37-230. Charter shall be void unless business begun within three years.
Section 33-37-240. Calling first meeting; organization; quorum.
Section 33-37-260. Amendment of charter.
Section 33-37-270. Approval by Secretary of State and filing of articles of amendment.
Section 33-37-280. Subsidiary business entities.
Section 33-37-410. Who may become members, stockholders or bondholders.
Section 33-37-420. Application for membership.
Section 33-37-430. Duration of membership; withdrawal.
Section 33-37-440. Powers of stockholders and members.
Section 33-37-450. Voting by stockholders and members.
Section 33-37-460. Loans to corporation by members.
Section 33-37-465. Short-term loans to corporation by members.
Section 33-37-470. Authorization for issuance of new classes of stock.
Section 33-37-610. Management of corporation.
Section 33-37-620. Board of directors; membership; powers.
Section 33-37-630. Election of directors; vacancies.
Section 33-37-640. Liability for losses.
Section 33-37-910. Applicability of the Business Corporation Act.
Section 33-37-1010. Definitions.
Section 33-37-1020. Establishment of program; loan loss reserve.
Section 33-37-1030. Participating financial institution; execution of agreement.
Section 33-37-1040. Participating financial institutions; functions and duties.
Section 33-37-1050. Business Development Corporation; transfers to loss reserve account; reports.
Section 33-37-1060. Release of funds to cover losses by participating financial institutions.
Section 33-37-1080. Discontinuance of participation by participating financial institution.