<html> <head> <title>Rule 64:29:02:04.01 Tangible personal property allowed as trade-in on motor vehicles.</title> <META NAME="Keywords" Content="Administrative Rules 64:29:02:04.01"> <META NAME="Description" Content="Administrative Rules 64:29:02:04.01 Tangible personal property allowed as trade-in on motor vehicles."> <meta name=Generator content="Microsoft Office HTML Filter 2.0"> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Originator content="Microsoft Word 10"> <style> <!-- --> </style> </head> <body lang=EN-US> <div> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>64:29:02:04.01.&nbsp;&nbsp;Tangible personal property allowed as trade-in on motor vehicles.</b> If tangible personal property is taken in trade as part payment on a motor vehicle, the current market value of that property shall be deducted from the price of the motor vehicle to establish the purchase price.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 17 SDR 4, effective July 18, 1990; 21 SDR 219, effective July 1, 1995.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=10-45-47.1">10-45-47.1</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=32-5B-15">32-5B-15.</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=10-45-1">10-45-1(3)</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=32-5B-4">32-5B-4(1)</A> to (3).</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Example:</b></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joe buys a car from Acme Used Cars and trades in a used 1983 color television set. The price of the car is listed at $3,000. The salesman gives Joe $1,000 for the TV, making the purchase price of the vehicle $2,000. One thousand dollars for the used TV is unreasonable. Excise tax on the purchase price of the vehicle shall be paid on the list price minus the current market value of the TV.</p> </div> </body> </html>