South Dakota Codified Laws 13-63-22. Account distributions to be reported as required by federal law
Current as of: 2023 | Check for updates
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If there is any distribution from an account to any person or for the benefit of any person during a calendar year, the distribution shall be reported to the Internal Revenue Service and the account owner or the designated beneficiary to the extent required by federal law.
Terms Used In South Dakota Codified Laws 13-63-22
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
Source: SL 2001, ch 97, § 22.