Definitions

Official textsdlegislature.gov

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.

Last amended: Source: SL 1975, ch 16, § 1; 4 SDR 35, effective December 22, 1977; 13 SDR 129, 13 SDR 134, effective July 1, 1987; 21 SDR 219, effective July 1, 1995; 30 SDR 58, effective November 5, 2003. General Authority: SDCL 10-43-42.1. Law Implemented: SDCL 10-43-1.

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