South Dakota Codified Laws 10-45-13.2. Exemption of fair market value of personal property or service given without charge to exempt organization
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There are specifically exempted from the provisions of this chapter and the computation of the tax imposed by it, the fair market value of any tangible personal property, product transferred electronically, or service given without charge to an institution, organization, or group exempt from the tax imposed by this chapter.
Terms Used In South Dakota Codified Laws 10-45-13.2
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
Source: SL 1987, ch 105, § 1; SL 2008, ch 51, § 19.