103 KAR 28:090.
Tangible personal property; security instrument enforcement.
RELATES TO: KRS
139.100, 139.120, 139.160
STATUTORY
AUTHORITY: KRS Chapter 13A
NECESSITY,
FUNCTION, AND CONFORMITY: To interpret the sales and use tax law as it applies
to sales of tangible personal property enforcing the provisions of a security
instrument.
Section 1. The
sales or use tax does not apply to sales of tangible personal property at
public auction enforcing the provisions of a security instrument if the sale is
made pursuant to a court decree by a court appointed official and if the
property is bid in by the secured party.
Section 2. The
sales or use tax applies to other sales of tangible personal property enforcing
the provisions of a security instrument and to subsequent sales of tangible
personal property by the secured party who bids in the property at public
auction to the same extent as other sales. (SU-35; 1 Ky.R. 468; eff. 3-12-75.)