Definitions.
Effective Nov 5, 200330 SDR 58Source: 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.
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.
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.