South Carolina Electric & Gas Co. v. Pinckney

OxnKr, Justice.

This action is brought under the provisions of the Uniform Declaratory Judgments Act, 45 St. at E. 2014. We are asked to determine whether or not certain bonds or debentures issued by the South Carolina Electric & Gas Company are subject to the South Carolina Documentary Tax.

Under the terms of Section 2525 of the 1942 Code, a tax is imposed upon various documents and instruments and is paid by purchasing and affixing thereto stamps in the amount of the tax. Corporate bonds, debentures or certificates of indebtedness with interest coupons or in registered form are taxed at the…