(a) The Director of the Department of Finance and Administration is authorized to adopt an alternative method for determining the total consideration for the sale of new or used:
(1) Manufactured homes, mobile homes, or modular homes under § 26-52-801 et seq.;
(2) Aircraft under § 26-52-505; and
(3) Motor vehicles, trailers, or semitrailers under §§ 26-52-510 and 26-53-126.
(b) (1) The alternative method adopted shall incorporate any generally accepted method of determining the value of the item being sold.
(2) If the consideration stated by the parties to the sale is less than the value determined by the generally accepted method of valuation, then for purposes of taxation it shall be presumed that the higher figure is the total consideration, unless the taxpayer provides a contract, bill of sale, or other evidence establishing that the true consideration is less than the value determined under the alternative method.
Section: Previous 26-52-507 26-52-508 26-52-509 26-52-510 26-52-511 26-52-512 26-52-513 26-52-514 26-52-515 26-52-516 26-52-517 26-52-518 26-52-519 26-52-520 26-52-521 NextLast modified: November 15, 2016