ARSD § 64:06:01:09 — Conditional sales contracts -- Assigned and repossessed merchandise

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64:06:01:09. Conditional sales contracts -- Assigned and
repossessed merchandise. If conditional sales contracts are assigned or
negotiated by the retailer to a finance company, sales tax must be paid by the
retailer on the full amount of the purchase price under the contract at the
time the retailer makes the required tax remittance for the reporting period in
which the sale was made.
If repossession by the finance company
becomes necessary, the retailer may deduct as a bad debt, as provided in SDCL 10-45-30 , that portion of the tax previously paid, provided that in liquidation of the repossessed merchandise the retailer has actually suffered a loss and the gross receipts prove to be less than anticipated under the original contract price.
If the merchandise repossessed is
later sold by the retailer to a consumer, the tax applies to the second sale
the same as it did to the first sale.