Affidavit Form - State Of South Carolina Page 2

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INFORMATION

Except as provided in this paragraph, the term “value” means “the consideration paid or to be paid in money or money’s worth for the realty.” Consideration

paid or to be paid in money’s worth includes, but is not limited to, other realty, personal property, stocks, bonds, partnership, interest and other intangible

property, the forgiveness or cancellation of a debt, the assumption of a debt, and the surrendering of any right. The fair market value of the consideration

must be used in calculating the consideration paid in money’s worth. Taxpayers may elect to use the fair market value of the realty being transferred in

determining fair market value of the consideration. In the case of realty transferred between a corporation, a partnership, or other entity and a stockholder,

partner, or owner of the entity, and in the case of realty transferred to a trust or as a distribution to a trust beneficiary, “value” means the realty’s fair market

value. A deduction from value is allowed for the amount of any lien or encumbrance existing on the land, tenement, or realty before the transfer and

remaining on the land, tenement, or realty after the transfer. Taxpayers may elect to use the fair market value for property tax purposes in determining fair

market value under the provisions of the law.

Exempted from the fee are deeds:

(1)

transferring realty in which the value of the realty, as defined in Code Section 12-24-30, is equal to or less then one hundred dollars;

(2)

transferring realty to the federal government or to a state, its agencies and departments, and its political subdivisions, including school districts;

(3)

that are otherwise exempted under the laws and Constitution of this State or of the United States;

(4)

transferring realty in which no gain or loss is recognized by reason of Section 1041 of the Internal Revenue Code as defined in

Section 12-6-40(A);

(5)

transferring realty in order to partition realty as long as no consideration is paid for the transfer other then the interests in the realty that are

being exchanged in order to partition the realty;

(6)

transferring an individual grave space at a cemetery owned by a cemetery company licensed under Chapter 55 of Title 39;

(7)

that constitute a contract for the sale of timber to be cut;

(8)

transferring realty to a corporation, a partnership, or a trust in order to become, or as, a stockholder, partner, or trust beneficiary of the entity

provided no consideration is paid for the transfer other than stock in the corporation, interest in the partnership, beneficiary interest in the

trust, or the increase in value in such stock or interest held be the grantor. However, the transfer of realty from a corporation, a partnership,

or a trust to a stockholder, partner, or trust beneficiary of the entity is subject to the fee even if the realty is transferred to another

corporation, a partnership, or trust;

(9)

transferring realty from a family partnership to a partner or from a family trust to a beneficiary, provided no consideration is paid for the

transfer other than a reduction in the grantee’s interest in the partnership or trust. A “family partnership” is a partnership whose partners are

all members of the same family. A “family trust” is a trust, in which the beneficiaries are all members of the same family. The beneficiaries

of a family trust my also include charitable entities. “Family” means the grantor and the grantor’s spouse, parents, grandparents, sisters,

brothers, children, stepchildren, grandchildren, and the spouses and lineal descendants of any the above. A “charitable entity” means an

entity which may receive deductible contributions under section 170 of the Internal revenue Code as defined in Section 12-6-40(A);

(10) transferring realty in a statutory merger or consolidation from a constituent corporation to the continuing or new corporation;

(11) transferring realty in a merger or consolidation from a constituent partnership to the continuing or new partnership; and

(12) that constitute a corrective deed or a quitclaim deed used to confirm title already vested in the grantee, provided that no consideration of any

kind is paid or is to be paid under the corrective or quitclaim deed;

(13) transferring realty subject to a mortgage to the mortgagee whether by a deed in lieu of foreclosure executed by the mortgagor or deed

executed pursuant to foreclosure proceedings;

(14) transferring realty from an agent to the agent’s principal in which the realty was purchased with funds of the principal, provided that a

notarized document is also filed with the deed that establishes the fact that the agent and principal relationship existed at the time of the

original purchase as well as for the purpose of purchasing the realty;

(15) transferring title to facilities for transmitting electricity that is transferred, sold, or exchanged by electrical utilities, municipalities, electric

cooperatives, or political subdivisions to a limited liability company which is subject to regulation under the Federal Power Act (16 U.S.C.

Section 791(a)) and which is formed to operate or to take functional control of electric transmission assets as defined in the Federal Power

Act.