Sale or transfer of taxable aircraft; notice to department;
disclosures to transferee
Sec. 10.4. (a) Not later than thirty-one (31) days after a sale or
transfer of ownership of a taxable aircraft, the transferring owner
shall notify the department of the sale or transfer.
(b) If the transferring owner is a dealer, the transferring owner
shall notify the department by submitting to the department one (1)
of the following:
(1) A copy of the applicable department form (ST108AC or, if
an out-of-state exemption is claimed, ST-137).
(2) A written list containing all the information contained on
form ST108AC, including the complete name and address of
seller and purchaser, date of sale, make, model, year, and
Federal Aviation Administration N number of the new aircraft,
a description of any trade-in allowed, and delivery information.
If an exemption is claimed, the purchaser's certificate of
exemption, whether by submission of the ST-137 or by certified
statement, shall also be submitted.
(c) The trade-in, if any, shall be described by the Federal Aviation
Administration N number, serial number, make, model, year, and
dollar value allowed.
(d) With regard to sales and transfers, dealers shall comply with
all applicable gross retail and use tax statutes, rules, and procedures
of the department, including the calculation of selling price and
limitations on like-kind exchanges and requirements for proof of
exemption. Failure to comply or failure to provide proof of
compliance to the department may be cause for immediate revocation
of the dealer's certificate. However, the dealer has one hundred
eighty (180) days to sell the dealer's inventory.
(e) In addition to the other disclosures required by this chapter, a
dealer shall provide a transferee with an "Indiana application for
aircraft registration or exemption" form.
As added by P.L.65-1997, SEC.14. Amended by P.L.97-1998, SEC.7.
Last modified: May 28, 2006