<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 10-43-91 - Tax on trustee of extended term trust. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2038635Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2038635SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2038635CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2038635Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2038635DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2038635DefaultParagraphFont-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2038635000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2038635SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2038635SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2038635Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=10-43-91"><span class="s2038635SENU">10-43-91</span></a><span xml:space="preserve" class="s2038635SENU">. </span><span class="s2038635CL">Tax on trustee of extended term trust.</span></p><p dir="ltr" class="s2038635Normal-000000"><span class="s2038635DefaultParagraphFont">Any corporation, limited liability company, partnership, or other business entity which serves as a trustee or co</span><span class="s2038635DefaultParagraphFont-000001">-</span><span xml:space="preserve" class="s2038635DefaultParagraphFont">trustee for an extended term trust, which trust has a situs for state income tax purposes in the State of South Dakota, is subject to the South Dakota income tax on banks and financial corporations as set forth in chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=10-43"><span class="s2038635DefaultParagraphFont">10-43</span></a><span xml:space="preserve" class="s2038635DefaultParagraphFont"> and if the trustee has not been authorized to accept deposits by the South Dakota director of banking, the comptroller of the currency, the Office of Thrift Supervision, or the Federal Deposit Insurance Corporation, the trustee is deemed to be a financial institution as described in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=10-43-88"><span class="s2038635DefaultParagraphFont">10-43-88</span></a><span xml:space="preserve" class="s2038635DefaultParagraphFont"> and is subject to the minimum tax set forth in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=10-43-90"><span class="s2038635DefaultParagraphFont">10-43-90</span></a><span class="s2038635DefaultParagraphFont">.</span></p><p dir="ltr" class="s2038635Normal"><span xml:space="preserve" class="s2038635000002"> </span></p><p dir="ltr" class="s2038635Normal"><span class="s2038635SCL">Source:</span><span xml:space="preserve" class="s2038635SCL-000003"> SL 1997, ch 272, § 4.</span></p></div></body></html>