National Bank of South Dakota v. South Dakota Department of Revenue

DUNN, Justice.

Defendant South Dakota Department of Revenue (Department) appeals from a lower court decision that set the taxable value of decedent Arndt E. Dahl’s United States Treasury bonds at the over-the-counter cash selling price. Respondent is plaintiff National Bank of South Dakota, one of the executors of decedent’s estate. We affirm.

Decedent died testate on November 14, 1977. Among his assets were certain United States Treasury bonds having a par value of $350,000, payable February 15, 1995. On the date of decedent’s death, the over-the-counter cash selling price of the bonds was…