17 NCAC 07B .3004          USED PROPERTY

(a)  General. -- Taxable sales are not limited to sales of newly manufactured items. The fact that property is used or secondhand does not exempt it from sales or use tax, pursuant to G.S. 105-164.4.

(b)  Retail sales of used tangible personal property are subject to sales or use tax, except as provided in 17 NCAC 07B .3002 or other statutory exemption.

(c)  Purchases. -- Property is considered purchased, and subject to sales and use tax pursuant to G.S. 105-164.4, when a retailer acquires property in any of the following circumstances:

(1)           the retailer reacquires property that is collateral for a nonrecourse endorsement given by the retailer to a financial institution; or

(2)           the retailer accepts used, secondhand, or other property in lieu of other consideration.

History Note:        Authority G.S. 105‑164.4; 105‑164.6; 105‑262; 105-264; 105-467; 105-468; 105-469; 105-483; 105-498; 105-507.2; 105-509.1; 105-510.1; 105-511.3; 105-537; 105-538;

Eff. February 1, 1976;

Amended Eff. July 1, 2000; October 1, 1993; October 1, 1991; January 3, 1984;

Readopted Eff. January 1, 2024.