32-3A-53. Purchase price defined. For the purposes of this chapter, the purchase price is:

(1) For a new large boat, the total consideration whether received in money or otherwise. However, if a large boat is taken in trade as a credit or part payment on a new large boat, the credit or trade-in value allowed by the seller shall be deducted from the total consideration for the new large boat to establish the purchase price;

(2) For a used large boat sold or transferred by a dealer, the total consideration for the used large boat whether received in money or otherwise. However, if a large boat is taken in trade by the dealer as a credit or part payment on a used large boat, the credit or trade-in value allowed by the dealer shall be deducted from the consideration so that the net consideration is established;

(3) For a used large boat sold or transferred by any person other than a dealer, the total consideration received in money or otherwise. However, if a large boat is taken in trade as a credit or part payment on a used large boat, the credit or trade-in value shall be deducted from the total consideration so that the net consideration is established. The purchaser and seller of the large boat shall submit to the county treasurer a bill of sale, approved and supplied by the secretary. If a bill of sale is not submitted, the excise tax shall be assessed on the retail value as stated in a nationally recognized dealers' guide as approved by the secretary of revenue. If the excise tax is assessed on the retail value, the value of the large boat taken in as credit on trade-in shall be the retail value as stated in the nationally recognized dealers' guide;

(4) For a new or used large boat acquired by gift or other transfer for no or nominal consideration, the manufacturers' suggested dealer list price for new large boats and for used large boats the retail value stated in a nationally recognized dealers' guide approved and furnished by the secretary of revenue;

(5) For a large boat manufactured by a person who registers it under the laws of this state, 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 large boat, the reasonable value of the completed large boat;

(6) For a rebuilt large boat, upon its initial registration and titling, the total consideration for the salvage large boat, whether received in money or otherwise.Source: SL 1993, ch 102, § 4; SL 1994, ch 335, § 6; SDCL 10-60-4.