S.D. Admin. R. 64:26:01:01

Current through Register Vol. 51, page 67, December 16, 2024

Section 64:26:01:01 - Definitions

Terms used in this article mean:

(1) "Department," the Department of Revenue and Regulation;

(2) "Secretary," the secretary of revenue and regulation;

(3) "Principal place of business," the place from which the taxpayer manages the main part of its business operations, transacts its principal affairs, or conducts its greatest volume of business operations;

(4) "Net federal income tax," that federal income tax in excess of any federal income tax refund received during the tax year for which the deduction is claimed;

(5) "Non-arm's length transaction," a transaction between two or more related corporations consumated at a consideration which is more or less than the amount that would have been charged in an independent transaction between unrelated corporations under similar circumstances.

S.D. Admin. R. 64:26:01:01

SL 1975, ch 16, § 1; 4 SDR 35, effective 12/22/1977; 13 SDR 129, 13 SDR 134, effective 7/1/1987; 21 SDR 219, effective 7/1/1995; 30 SDR 58, effective 11/5/2003.

General Authority: SDCL 10-43-42.1.

Law Implemented: SDCL 10-43-1.