Section 10-40-5 - Personal property of nonresident exempt if state of residence grants reciprocalexemption--Tangible personal property excepted.
10-40-5. Personal property of nonresident exempt if state of residence grants reciprocal exemption--Tangible personal property excepted. The tax imposed by this chapter, in respect of personal property, except tangible personal property having an actual situs in this state, shall not be payable if the laws of the state or territory of residence of the transferor at the time of the transfer contained a reciprocal provision under which nonresidents were exempted from transfer taxes or death taxes of every character in respect of personal property, except tangible personal property having an actual situs therein, provided the state or territory of residence of such nonresidents allowed a similar exemption to residents of the state or territory of residence of such transferor.
Source: SL 1945, ch 343, § 1; SDC Supp 1960, § 57.25A01 (2).