64:27:01:01. Definitions. Terms used in this chapter mean:
(1) "Ultimate sale," an arm's length transaction between equal bargaining parties at a price which accurately reflects the fair market value of products at the time of the sale.
Source: 2 SDR 21, effective September 18, 1975; 5 SDR 60, effective January 25, 1979; 13 SDR 129, 13 SDR 134, effective July 1, 1987; 21 SDR 219, effective July 1, 1995.
General Authority:SDCL 10-39-49.
64:27:01:01.01. Gross yields defined. Gross yields are all gains, incomes, receipts, and profits derived from the sale of minerals and mineral products produced in South Dakota. All amounts shall be included in the gross yields of the tax year in which they are received or accrued by the taxpayer. Gross yields shall be determined at the point of ultimate sale of the mineral or mineral product by the producer of that product.
Source: 2 SDR 21, effective September 18, 1975; 5 SDR 60, effective January 25, 1979; transferred from § 64:27:01:01, 13 SDR 129, 13 SDR 134, effective July 1, 1987; 21 SDR 219, effective July 1, 1995.
General Authority:SDCL 10-39-49.
