2011 South Dakota Code
Title 10 TAXATION
Chapter 43. Income Tax On Banks And Financial Corporations
§10-43-10.2 Other taxable income.

10-43-10.2. Other taxable income. Additional items of taxable income are:

(1) Net operating losses or capital losses incurred prior to July 1, 1978, included in taxable income under the Internal Revenue Code;

(2) Interest or dividend income derived from obligations or securities of states or political subdivisions or authorities thereof not included in taxable income as determined under the Internal Revenue Code;

(3) All income taxes paid or accrued, as the case may be, during the tax year under the provisions of chapter 10-43 or under the provisions of any income tax, or franchise or privilege taxes measured by income levied by any other state or political subdivision to the extent that such taxes were deducted to determine federal taxable income;

(4) Bad debt deductions in excess of credits actually ascertained to be worthless and charged off within the tax year;

(5) Any amount subsequently received on account of a bad debt previously charged off as a deduction for tax purposes;

(6) Any amount received as a refund of federal income taxes during the tax year if that amount was previously deducted in determining net income;

(7) Dividends received from other corporations to the extent that such dividends have been deducted from net income as determined under the Internal Revenue Code;

(8) The difference obtained by subtracting net income under the accrual method of accounting from net income under the cash method of accounting. If the difference is less than zero then the provisions of § 10-43-10.3 apply. This is an optional adjustment and is available only to financial institutions first doing business in South Dakota after January 1, 1987, or to financial institutions that are required to switch from the cash method of accounting to the accrual method of accounting under § 448 of the Internal Revenue Code;

(9) Any capital loss from liquidating sales within the twelve-month period beginning on the date on which a financial institution adopts a plan of complete liquidation if all of the assets of the financial institution are distributed in complete liquidation less assets retained to meet claims within such twelve-month period, or from the distribution of property in complete liquidation of the financial institution which is subject to federal corporate income taxes pursuant to § 336 of the Internal Revenue Code.

Source: SL 1977, ch 96, § 4(1); SL 1978, ch 83, § 1; SL 1987, ch 96, §§ 1, 5.