Section 50-11-19.1 - "Purchase price" defined. - South Dakota Statutes

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. The purchaser of the aircraft shall submit to the Department of Transportation, office of aeronautics, an application for original registration, approved and supplied by the director. If no proof of purchase price is provided, the purchase price shall be considered to be the market value of the aircraft at the time registration is due as stated in the aircraft bluebook and price digest;
(2) For an aircraft acquired by gift, bequest, purchase, or transfer for a nominal consideration, the price for the aircraft shall be considered to be the market value of the aircraft at the time registration is due as stated in the aircraft bluebook and price digest;
(3) For an aircraft manufactured by any person other than a bona fide manufacturer, commonly referred to as "homebuilt," the amount expended for materials, labor, 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 trade publications;
(4) For a rebuilt aircraft, upon its initial registration, the total consideration for the salvage aircraft, the amount expended for materials, labor 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 as stated in the aircraft bluebook and price digest.

Source: SL 1982, ch 112, § 4; SL 1993, ch 348, § 13.