S.D. Admin. R. 64:26:03:13

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

Section 64:26:03:13 - Filing of separate returns of financial institutions

To determine if financial institutions sharing a common parent, such as a bank holding company, shall be required to file separate returns, the secretary shall consider the following factors:

(1) Whether there is a separate charter for each financial institution;

(2) The extent of the flow of goods and services between an institution and its parent;

(3) Whether management oversight by the parent is limited to strategic decisions affecting the operation of all subsidiaries generally, not individual institutions;

(4) Whether there would be distortion of county income through the use of loss deductions incurred by institutions not doing business in the affected county;

(5) The presence or absence of common administrative officers or procedures; or

(6) Whether each institution is conducting business in a manner consistent with separate entities.

S.D. Admin. R. 64:26:03:13

16 SDR 76, effective 11/1/1989.

General Authority: SDCL 10-43-42.1.

Law Implemented: SDCL 10-43-36.