South Dakota Administrative Rules
Title 64 - REVENUE
Article 64:26 - Banks and financial institutions
Chapter 64:26:03 - Income - Interpretive rules
Section 64:26:03:13 - Filing of separate returns of financial institutions

Universal Citation: SD Admin Rules 64:26:03:13

Current through Register Vol. 51, page 43, September 23, 2024

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.

General Authority: SDCL 10-43-42.1.

Law Implemented: SDCL 10-43-36.

Disclaimer: These regulations may not be the most recent version. South Dakota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.