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Help Me With This.

 
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Torpedo
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Re: Help Me With This.
« Reply #15 on: April 23, 2007, 07:24:59 PM »

C.  Wait until Baaab has the club you want and trade straight across.  Net out of pocket < $10 shipping.

lol Cheesy
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1puttpar
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Re: Help Me With This.
« Reply #16 on: April 23, 2007, 07:54:44 PM »

It's definitely B.  Same thing happens when you buy a car and trade one in.
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Clive
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Re: Help Me With This.
« Reply #17 on: April 23, 2007, 08:23:47 PM »

Well, brings up an interesting point.

Say the club was 2 bills.  Rung up, and taxed as such.  Trade in was a hundred.  I pay the full tax on 2 bills, but, since I'm selling, shouldn't they be paying me sales tax (so I can report it like you suggest Roll Eyes  )  and basically negating the 6.5 on the other hundred?  Gets me back to paying tax on the price of the clubs, after the trade.  Then I settle up with the great state of MN later.
First of all:
Quote
Minnesota Statutes 2006

SALES TAX IMPOSED; RATES.
    Subdivision 1. Generally. Except as otherwise provided in subdivision 2 or 3 or in this
chapter, a sales tax of 6.5 percent is imposed on the gross receipts from retail sales as defined in
section 297A.61, subdivision 4, made in this state or to a destination in this state by a person who
is required to have or voluntarily obtains a permit under section 297A.83, subdivision
1.

297A.61 DEFINITIONS.
    Subd. 4. Retail sale. (a) A "retail sale" means any sale, lease, or rental for any purpose, other
than resale, sublease, or subrent of items by the purchaser in the normal course of business as
defined in subdivision 21.

Moreover:
Quote
297A.67 GENERAL EXEMPTIONS.
    Subdivision 1. Scope. The gross receipts from the sale and purchase of, and storage,
distribution, use, or consumption of the items contained in this section are specifically exempted
from the taxes imposed by this chapter....

    Subd. 23. Occasional sales. Isolated and occasional sales in Minnesota not made in the
normal course of business of selling that kind of property or service are exempt. The storage,
use, or consumption of property or services acquired as a result of such a sale is exempt. This
exemption does not apply to sales of tangible personal property primarily used in a trade or
business....

    Subd. 26. Trade allowance. The amount allowed as a credit against the sales price for
tangible personal property taken in trade for resale is exempt.

Now, about that Menard's sale ...  Devil
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stroh
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Re: Help Me With This.
« Reply #18 on: April 23, 2007, 08:30:57 PM »

 Laughing  [SM=Belushi_shining_light]  I hate that broom.

Got it.  Thanks,(again) counselor.  Wink



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