Nevada Administrative Code (Last Updated: January 6, 2015)

NAC372.780. Deduction for property resold after being purchased for purpose other than resale.

Latest version.

A retailer who takes a deduction pursuant to section 12 of chapter 397, Statutes of Nevada 1955, (NRS 372.025) for property which was resold after being purchased for a purpose other than resale shall:

     1. Hold a valid permit issued pursuant to NRS 372.135;

     2. Take the deduction on the retailer’s tax return which covers the period in which he or she resold the property; and

     3. Maintain complete records which are adequate to substantiate the deduction.

[Tax Comm’n, Combined Sales and Use Tax Ruling part No. 68, eff. 6-14-68]

                    
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