[Rev. 5/4/2013 1:55:11 PM]

 

This chapter of NAC has changes which have been adopted but have not been codified; you can see those changes by viewing the following regulation(s) on the Nevada Register of Administrative Regulations: R110-12

[NAC-374 Revised Date: 12-11]

CHAPTER 374 - LOCAL SCHOOL SUPPORT TAX

374.005              Trade-in allowances.

374.010              Verification that vehicle taken in trade on purchase of another vehicle.

374.020              Interpretation of term “used vehicle” by Department of Taxation for purposes of NRS 374.030 and 374.070.

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)

      NAC 374.010  Verification that vehicle taken in trade on purchase of another vehicle. (NRS 360.090, 374.030, 374.725, 374.740)  For verification of the acceptance of a vehicle taken in trade on the purchase of another vehicle, the dealer shall have the buyer complete a notarized affidavit on a form prescribed by the Department. The dealer shall remit one copy of the affidavit to the Department and retain one copy of the affidavit in his or her permanent record for the period specified in NRS 374.740.

     (Added to NAC by Tax Comm’n, eff. 11-20-87; A by R106-09, 11-25-2009)

      NAC 374.020  Interpretation of term “used vehicle” by Department of Taxation for purposes of NRS 374.030 and 374.070. (NRS 360.090, 374.030, 374.070, 374.725)  To calculate the amount of the allowance provided in subparagraph (1) of paragraph (e) of subsection 3 of NRS 374.030 and paragraph (f) of subsection 3 of NRS 374.070, the Department shall interpret the term “used vehicle” to:

     1.  Have the meaning ascribed to the term “vehicle” in NRS 482.135; and

     2.  Exclude special mobile equipment. As used in this subsection, “special mobile equipment” has the meaning ascribed to it in NRS 482.123.

     (Added to NAC by Tax Comm’n, eff. 7-16-92)