Section 10-40-20 - Estates in expectancy taxed at full value on coming into possession.
10-40-20. Estates in expectancy taxed at full value on coming into possession. Estates in expectancy which are contingent or defeasible and in which the proceedings for the determination of the amount of the tax have not been taken, or where the taxation thereof has been held in abeyance, shall be fixed at their full, undiminished value when the persons entitled thereto shall come into the beneficial enjoyment or possession thereof, without diminution for or on account of any valuation made of the particular estates for the purposes of taxation, upon which such estates in expectancy may have been limited.
Source: SL 1915, ch 217, § 12; RC 1919, § 6848; SDC 1939, § 57.2318.