Guaranty Bank & Trust Co. v. South Carolina Tax Commission

Moss, Chief Justice.

The Guaranty Bank and Trust Company, as substitute trustee under the will of R. P. Byrd, the respondent herein, brought this action, pursuant to Section 65-2684 of the Code, against the South Carolina Tax Commission, the appellant herein, to recover income 'tax paid in the amount of $3,157.28, with interest thereon. The basis for the refund claimed was that a portion of the funds realized from the involuntary conversion of certain real estate was reinvested in property of like kind within two years after the close of the first taxable year in which a part of the gain from…