South Dakota Administrative Rules
Title 64 - REVENUE
Article 64:26 - Banks and financial institutions
Chapter 64:26:04 - Expenses - Interpretive rules
Section 64:26:04:28 - Federal income tax deductible - Other income, privilege, and franchise taxes not deductible
Universal Citation: SD Admin Rules 64:26:04:28
Current through Register Vol. 51, page 43, September 23, 2024
Net federal income taxes are deductible from taxable income in the year in which they are paid when the cash method of accounting is used in determining the net income of the taxpayer. Net federal income taxes are deductible from taxable income in the tax year in which they are incurred when the accrual method of accounting is used in determining the net income of taxpayer. Any other income, franchise, or privilege taxes which were deducted to determine federal taxable income are not deductible.
General Authority: SDCL 10-43-42.1.
Law Implemented: SDCL 10-43-10.3.
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