State Codes and Statutes
Statutes > South-dakota > Title-10 > Chapter-40 > Statute-10-40-110-40-1. Definition of terms. Terms used in relation to inheritance taxation mean:
(1) "Contemplation of death," any transfer made with a dominant intention of avoiding the passing of the property transferred by testate or intestate laws. Any transfer made within one year of the transferor's death shall be presumed to have been made in contemplation of death, to the extent that the aggregate value of the transfers to any single donee during a calendar year exceed ten thousand dollars, and the burden of proof to show otherwise is upon the person seeking to rebut the presumption. The first ten thousand dollars of transfers to any single donee during a calendar year or transfers made more than one year prior to the transferor's death shall be deemed not to have been made in contemplation of death;
(2) "County treasurer," "state's attorney," "circuit court," and "clerk of courts," the treasurer, state's attorney, circuit court, and clerk of courts of the county having jurisdiction as provided herein;
(3) "Decedent," includes the testator, intestate, grantor, bargainor, vendor, or donor;
(4) "Estate" and "property," the real and personal property or interest therein of the testator, intestate, grantor, bargainor, vendor, or donor passing to individual legatees, devisees, heirs, next of kin, grantees, donees, vendees, or successors and includes all personal property within or without the state;
(5) "Intangible asset" or "security," any intangible personal property interest of a resident decedent, held in the name of a decedent, held in joint tenancy or in the names of one or more persons with the decedent, or held in trust by or for the decedent, including a deposit as defined by § 51A-10-1, checking account, savings account, money market account, demand deposit account, margin account, individual retirement account, P.O.D. account, certificate of deposit, account receivable, retirement fund proceeds, "security" as defined by subdivision 47-31A-401(m), predeath dividend paid or payable after death, option, bill of lading, warehouse receipt, put, call or limited partnership and also including any accrued interest or other accrued right;
(6) "Person interested in property," includes a surviving joint tenant, the trustee of any trust in which decedent had an interest, a beneficiary of decedent's trust, or the beneficiary or remainderman of any property in which decedent retained a life interest, income or other use of the property;
(7) "Power of appointment," a general power of appointment which is exercisable in favor of the decedent, his estate, his creditors, or the creditors of his estate. The term does not include any power of appointment which by its terms is:
(a) Exercisable only in favor of one or more designated persons or classes other than the decedent, his creditors, the decedent's estate, or the creditors of his estate; or
(b) Expressly not exercisable in favor of the decedent's estate or the creditors of his estate; or
(c) Limited by an ascertainable standard relating to the decedent's health, education, support, or maintenance;
(8) "Transfer," the passing of property, or any interest therein, in possession or enjoyment, present or future, by inheritance, descent, devise, succession, bequest, grant, deed, bargain, sale, gift, or appointment, in the manner herein described;
(9) "Transferee," any person to whom such property or interest therein passes, or his successor;
(10) "True and full value in money" and "value," the usual cash selling price at the place where the property to which the term is applied is at the time of determining its value.
Source: SL 1915, ch 217, § 23; RC 1919, § 6869; SDC 1939, § 57.2101 (1) to (7); SL 1943, ch 293; SL 1989, ch 99, § 1; SL 1989, ch 100; SL 1992, ch 88, §§ 1, 2.
