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Can you summarize SDAR 64:26:03:13?
Income -- Interpretive rules. > Filing of separate returns of financial institutions.
Short Summary
This document, part of the Administrative Rules of South Dakota, pertains to the filing of separate returns by financial institutions. It specifically applies to financial institutions that share a common parent, such as a bank holding company. The document outlines factors that the secretary will consider in determining whether separate returns are required. These factors include the presence of a separate charter for each institution, the flow of goods and services between the institution and its parent, the extent of management oversight by the parent, the potential distortion of county income, the presence of common administrative officers or procedures, and whether each institution conducts business as a separate entity. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Financial institutions sharing a common parent, such as a bank holding company
What does it govern?
Filing of separate returns of financial institutions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
South Dakota