S.D. Admin. R. 67:12:04:17

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

Section 67:12:04:17 - Full and adequate consideration in money or money's worth for property transferred

Any item or service which is received for the property shall be accepted as being within the meaning of the phrase "full and adequate consideration in money or money's worth" as long as the value of the item or service equals the reasonable market value of the property transferred or assigned. When it appears property has been transferred or assigned without full and adequate consideration, the fair market value, determined according to § 67:12:04:10.01, less encumbrances of record, shall be used in determining if the recipient received the full and adequate consideration in money or money's worth.

SL 1975, ch 16, § 1; 3 SDR 52, effective 1/27/1977; 7 SDR 66, 7 SDR 89, effective 7/1/1981; 12 SDR 112, effective 1/16/1986.

General Authority: SDCL 28-7-2.

Law Implemented: SDCL 28-7-4.