NAC: CHAPTER 374 - LOCAL SCHOOL SUPPORT TAX

[Rev. 1/9/2014 10:22:38 AM]

[NAC-374 Revised Date: 1-14]

CHAPTER 374 - LOCAL SCHOOL SUPPORT TAX

374.005            Trade-in allowances.

 

 

 

REVISER’S NOTE.

      Regulations which apply to the sales and use tax levied under chapter 372 of NRS apply also to the local school support tax and the city-county relief tax levied under chapters 374 and 377 of NRS, respectively. These regulations can be found in chapter 372 of NAC.

 

      NAC 374.005  Trade-in allowances. (NRS 360.090, 374.030, 374.070, 374.725)  The amount upon which the tax is computed includes any allowance for property which is traded in. If the Nevada Tax Commission finds that an allowance stated in an agreement is less than the fair market value, the allowance actually agreed upon shall be deemed the market value.

     [Tax Comm’n, Combined Sales and Use Tax Ruling No. 38, eff. 3-1-68]—(Substituted in revision for NAC 372.060)