Statutes, codes, and regulations
South Dakota Administrative Rules
Title 64 - REVENUEArticle 64:29 - Motor vehicle registration
Chapter 64:29:02 - Interpretations
Section 64:29:02:04.01 - Tangible personal property allowed as trade-in on motor vehicles

S.D. Admin. R. 64:29:02:04.01

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Current through Register Vol. 51, page 54, October 28, 2024
Section 64:29:02:04.01 - Tangible personal property allowed as trade-in on motor vehicles

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.

S.D. Admin. R. 64:29:02:04.01

17 SDR 4, effective 7/18/1990; 21 SDR 219, effective 7/1/1995.

General Authority: SDCL 10-45-47.1, 32-5B-15.

Law Implemented: SDCL 10-45-1(3), 32-5B-4(1) to (3).

Example:

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.