10-40-4.   Personal property of nonresident exempt if state of residence does not tax South Dakota residents--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 transferor is a resident of a state or territory of the United States which at the time of the transfer did not impose a transfer tax or death tax of any character in respect of personal property of residents of this state, except tangible personal property having an actual situs in such state or territory.

Source: SL 1945, ch 343, § 1; SDC Supp 1960, § 57.25A01 (1).

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