A seller, retailer, or person storing, using, or otherwise consuming in this state tangible personal property or any product transferred electronically purchased from a retailer and the lessor and lessee of tangible personal property or any product transferred electronically for use in this state shall keep complete records showing the following:

1. (1) Gross receipts from sales or rental payments from leases of tangible personal property or any product transferred electronically, including any services that are a part of the sale or lease, made within South Dakota, whether the seller or lessor regards the receipts as taxable or nontaxable;
2. (2) All deductions allowed by law and claimed in filing returns; and

3. (3) The total purchase price of all tangible personal property or any product transferred electronically purchased for sale, consumption, or lease in South Dakota.

   These records must include the normal books of account ordinarily maintained by the average prudent business person engaged in the activity in question, together with all bills, receipts, invoices, cash register tapes, or other documents showing the original entries supporting the entries in the books of account as well as all schedules or working papers used in connection with the preparation of tax returns.

Source: SL 1975, ch 16, § 1; 7 SDR 80, effective February 22, 1981; 11 SDR 1, effective July 19, 1984; 13 SDR 129, 13 SDR 134, effective July 1, 1987; 21 SDR 219, effective July 1, 1995; 28 SDR 178, effective July 1, 2002; 32 SDR 225, effective July 3, 2006; 35 SDR 48, effective September 8, 2008.

General Authority: SDCL 10-45-47.1(4) , 10-45D-13(4) , 10-46-35.1(4) , 10-46E-11(4) , 10-52-4 , 10-52A-7(4).

Law Implemented: SDCL 10-45-45 , 10-45D-12 , 10-46-39 , 10-46E-8 , 10-52-4 , 10-52A-6.