Nevada Administrative Code (Last Updated: January 6, 2015) |
Chapter372 Sales and Use Taxes |
APPLICATION OF TAX |
NAC372.120. Foreclosure sales.
Latest version.
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1. The tax does not apply to sales of tangible personal property at public auction pursuant to the provisions of a chattel mortgage, if:
(a) The sale is made pursuant to a court decree of foreclosure by an officer appointed by the court for that purpose; or
(b) The property is bid in by the mortgagee.
2. The tax applies to other foreclosure sales and to sales by a person who has bid in the property to the same extent as to other sales.
[Tax Comm’n, Combined Sales and Use Tax Ruling No. 24, eff. 3-1-68]