50-11-19.1. Purchase price defined. For the purposes of this chapter, the purchase price is:

(1) For an aircraft purchase, sale, or transfer, the total consideration for the aircraft whether received in money or otherwise less the value of any aircraft taken by the seller as trade, if the aircraft traded was registered in South Dakota. The purchaser of the aircraft shall submit to the department an application for original registration supplied by the department. If no proof of purchase price is provided, the price shall be the current fair market value of the aircraft at the time of registration less the value of any South Dakota registered aircraft taken by the seller in trade;

(2) For an aircraft acquired by gift, bequest, purchase, or transfer for a nominal consideration, the price shall be considered to be the current fair market value of the aircraft at the time registration is due;

(3) For an aircraft manufactured by any person other than a bona fide manufacturer, commonly referred to as, homebuilt, the amount expended for materials and other properly allocable costs of manufacture or in the absence of actual expenditures for the manufacture of a part or all of the aircraft, the reasonable value of the completed aircraft based on current fair market value; and

(4) For a rebuilt aircraft, upon its initial registration, the total consideration for the salvage aircraft, the amount expended for materials and other properly allocable costs to repair the aircraft to an airworthy condition, whether received in money or otherwise. In the absence of actual expenditures for the reconstruction of the aircraft, the market value of the aircraft at the time registration is due based on current fair market value.Source: SL 1982, ch 112, § 4; SL 1993, ch 348, § 13; SL 2014, ch 222, § 88.