Belk Department Stores v. Taylor

Lewis, Justice:

The issues concern the inventory value of respondent’s stock of merchandise for tax purposes for the 1970 tax year, admittedly to be determined as of December 31, 1969, the end of respondent’s accounting year.

The test for determing value of the inventory for taxation is the “actual value of the property taxed,” Article III, Section 29, Constitution of South Carolina, which has been defined in Section 65-1648, 1962 Code Supplement, as “its true value in money which in all cases shall be held to be the price which the property would bring following reasonable exposure to the…