South Dakota Statutes
§ 10-45-92 — Allowable deductions for auctioneers.
South Dakota § 10-45-92
This text of South Dakota § 10-45-92 (Allowable deductions for auctioneers.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
S.D. Codified Laws § 10-45-92 (2026).
Text
In determining the amount of tax due under this chapter, auctioneers may deduct from gross receipts amounts which represent direct expense charges for clients for tangible personal property, any product transferred electronically, or services purchased by the auctioneer on behalf of a client. However, the sale of the property or service to the auctioneer is not a sale for resale if this deduction is taken. This deduction may only be taken if the amount to be deducted represents an expense specifically incurred for a particular client and the amount is itemized and paid from the client's auction proceeds by the auctioneer or closing agent. The deduction shall be disallowed if the auctioneer receives any profit or remuneration directly or indirectly from the client's expense.
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Legislative History
SL 1996, ch 84; SL 2008, ch 51, § 27.
Nearby Sections
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§ 10-1-1.1
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General supervision of assessment of property for taxation--Forms--Classification of property.§ 10-1-16
Advice and direction to directors of equalization and boards--Instructional meetings of directors.§ 10-1-16.1
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Bluebook (online)
South Dakota § 10-45-92, Counsel Stack Legal Research, https://law.counselstack.com/statute/sd/10-45-92.