SECTION .3000 – ARTICLES TAKEN IN TRADE: TRADE-iNS: REPOSSESIONS: rETURNED MERCHANDISE: USED OR SECONDHAND MERCHANDISE

17 NCAC 07B .3001          TRADE‑INS

Sales or use tax must be computed and paid on the full gross sales price of a new article without any deduction for any trade‑in credit or allowance. The sale of a used article by the vendor who accepted it in trade as a credit or part payment on the sale of a new article is also subject to tax at the gross sales price.

History Note:        Authority G.S. 105‑164.4; 105‑164.13; 105‑262;

Eff. February 1, 1976;

Amended Eff. July 1, 2000; June 1, 1995; October 1, 1993; May 1, 1990; January 3, 1984;

Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. May 25, 2019.