South Dakota Administrative Rules — Title 64 (Revenue)

ARSD § 64:09:01:20 — Determination of age and value of tangible personal property

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64:09:01:20. Determination of age and value of tangible
personal property. For the purposes of the exemption in SDCL 10-46-3 , tangible personal property or any product transferred electronically must be more than seven years old as determined by its date of manufacture, if documented, or by the date of the purchase by the person bringing the property into this state. In the absence of independent documentary proof of the value of the tangible personal property or any product transferred electronically at the time it is brought into South Dakota, the value of the property is presumed to be the purchase price reduced by ten percent for each year of use of the property by the person bringing the property into this state. Statements, opinions, or depreciation schedules of the owner of the property are not independent documentary proof of the value of the property.

Last amended: Source: 18 SDR 3, effective July 14, 1991; 21 SDR 219, effective July 1, 1995; 35 SDR 48, effective September 8, 2008. General Authority: SDCL 10-46-35.1. Law Implemented: SDCL 10-46-3. Example: ABC Corporation, an Iowa manufacturer, purchased a conveyor on July 1, 1988, for $10,000. The conveyor was used in its Sioux City plant until January 1, 1991, at which time it was transported to ABC's new facility in South Dakota. There are no industry publications or used equipment digests which indicat

Source: official text