Woodward v. South Carolina Tax Commission

Lewis, Justice.

The issue to be decided in this appeal is whether the gain from a sale by respondent, Elizabeth B. Woodward, of an interest in land was received by her for income tax purposes in 1959 or 1961. The year in which the gain was received becomes material because of statutory changes made after 1959 affecting capital gains and installment reporting thereof. See: Sections 65-258(6) and 65-286, 1962 Code of Laws. Appellant, South Carolina Tax Commission, made a deficiency assessment for income taxes based upon a sale of the land and receipt of the gain in the year 1959. The respondent…