Section 10-40-18 - Contingent transfer taxed when transferee comes into possession.
10-40-18. Contingent transfer taxed when transferee comes into possession. The tax upon any devise, bequest, gift, or transfer limited, conditioned, dependent, or determinable upon the happening of any contingency or further event, by reason of which the full, true, and actual value thereof cannot be ascertained, as provided for by the provisions of this chapter, at or before the time when the taxes become due and payable as provided in chapter 10-41, shall accrue and become payable when the person or corporation beneficially entitled thereto shall come into the actual possession or enjoyment thereof.
Source: SL 1915, ch 217, § 12; RC 1919, § 6847; SDC 1939, § 57.2316.