S.D. Admin. R. 20:81:07:05
Gross revenues from a bout or contest means any and all revenues, from whatever source derived or received by any promoter, or other principal, on account of any particular bout or contest, including any revenues received from any advance ticket sales, gate receipts, promotional or advertising consideration, and from any internet, television, or pay-per-view telecasts of such bout or contest, exclusive of any federal tax thereon.
Each promoter, or other principal, liable for the gross revenue fee shall provide an accounting to the Commission on a form prescribed by the Commission not later than thirty days from the date of the bout or contest, prepared by the promoter or by a certified public accountant on behalf of the promoter using generally accepted accounting principles, which detail the source and amount of each component of gross revenues and contains a calculation showing the amount owed to the Commission. Any source documents or records used by the promoter or the certified public accountant in preparing the accounting must be made immediately available to the Commission, upon request, for verification.
The gross revenue fee due thereon must be remitted to the Commission not later than thirty days from the date of the bout or contest. Any promoter or other principals involved in the receipt of moneys or the staging of the contest are jointly and severally liable for the gross revenue fee provided for by this section.
Any promoter who fails to calculate or remit the gross revenue fee, as required, is subject to an immediate suspension of the promoter's license until the delinquent accounting or fee is submitted to the Commission or until a hearing requested by the promoter is conducted and concluded by the Commission.
The accounting provided by the promoter is subject to audit by the Commission. The promoter shall maintain the accounting and any documentation necessary to prepare the accounting for a period of not less than three years.
S.D. Admin. R. 20:81:07:05
General Authority: SDCL 42-12-10.
Law Implemented: SDCL 42-12-10.