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Administrative Rules
Rule 64:26:03:13 Filing of separate returns of financial institutions.

          64:26:03:13.  Filing of separate returns of financial institutions. 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.

          Source: 16 SDR 76, effective November 1, 1989.

          General Authority:SDCL 10-43-42.1.

          Law Implemented:SDCL 10-43-36.

Online Archived History: