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Periodic review of record-keeping procedures related to sales and use tax. Proper supporting detail, including exemption and resale certificates, invoices and other records must be available to defend the company in the event of a sales and use tax audit. Without proper documentation, a seller may be held liable for tax not collected from a ...
Ohio Sales Tax Resale Certificate Example: If living in Ohio and selling or shipping something to someone else in Ohio, then one must collect and pay sales tax to the State of Ohio. But if selling the same item to someone outside the State of Ohio, one need not charge sales tax, but must report the exempt tax sale to the State of Ohio.
Resale - Resale certificates are the most commonly used of the sales tax exemption certificates. Sales taxes are applied to retail sales and so sales for the purpose of reselling are exempt to avoid double taxation. Reselling and wholesaling account for $844 billion of the American GDP, or 3.3%. [14]
The states impacted the most by the limit were the tri-state area (NY, NJ, and CT) and California; the average SALT deduction in those states was greater than $17,000 in 2014. [5] The United States is one of two countries in the world that taxes its non-resident citizens on worldwide income, in the same manner and rates as residents.
The first-sale doctrine (also sometimes referred to as the "right of first sale" or the "first sale rule") is a legal concept that limits the rights of an intellectual property owner to control resale of products embodying its intellectual property. The doctrine enables the distribution chain of copyrighted products, library lending, giving ...
In the United States, Connecticut state regulations section 42-110b-19(e) require retailers who advertise the net price of an item after rebate to pay consumers the amount of that rebate at time of purchase. [5] Rhode Island has similar legislation (Gen. Laws 6-13.1-1). [6]
In the US, motorcycles and cars which carry a salvage title may not be registered and driven on public roads in most states, [9] which affects resale value. [8] While selling a salvage car is not against the law, the seller must disclose to the buyer that the vehicle has a salvage title.