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.