South Dakota Codified Laws 50-11-19.2. Rate of additional tax on sale of aircraft held under use stamp or dealer certificate or conversion to dealer’s own use
Current as of: 2023 | Check for updates
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The additional original registration tax on the sale of aircraft held by a licensed aircraft dealer under a use stamp or dealer certificate is at the rate specified in § 50-11-19 on the purchase price at the time the aircraft is sold. If a licensed aircraft dealer converts aircraft held under a use stamp or dealer certificate to the dealer’s own use, the additional original registration tax is paid by the dealer at the rate specified in § 50-11-19 on the current fair market value of the aircraft.
Terms Used In South Dakota Codified Laws 50-11-19.2
- 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 1982, ch 112, § 3; SL 2010, ch 227, § 75.