South Dakota Administrative Rules — Title 64 (Revenue)

ARSD § 64:26:03:13

Filing of separate returns of financial institutions

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.

Last amended: Source: 16 SDR 76, effective November 1, 1989. General Authority: SDCL 10-43-42.1. Law Implemented: SDCL 10-43-36.

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