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Help Me With This.

 
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stroh
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Help Me With This.
« on: April 23, 2007, 05:32:48 PM »

Sales tax.

Scenario. (MN sales tax 6.5%)

I'll use Second Swing, since you are familiar with the outfit.  I'll also use easy math, since I'm not familiar, with anything but.

1.  Club for sale.  Cost $200.00.  With sales tax, $213.00.

Now, I bring in a club valued at $100.00.  How does this (in your mind, or legally) play out?

A.  $200.00 minus $100.00 for club trade in, equals new sales price of $100.00, $106.50 with tax.

B.  Sales price, $200.00, with tax, $213.00.  How do you want to pay for that?  Ah, $100.00 in club trade, with a $113.00 dollars remaining in cash.

Which is right?

[Edit] I was gonna expound, but before I do, I'm interested in your take, and if it's as simple as one being right over the other.



Not gonna turn this into any Menard's Rebate merchandise credit check lesson, or anything. Man some people can be dense on *feces* like that. Wink

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dystopia
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Re: Help Me With This.
« Reply #1 on: April 23, 2007, 05:42:11 PM »

I've dealt with this before, but I can't remember how it's supposed to go.  I'm leaning toward B, though.
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Fuzzy
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Re: Help Me With This.
« Reply #2 on: April 23, 2007, 05:49:45 PM »

I was going to say A.

I really wish I had an old Second Swing receipt laying around but I always thought trade-ins, rebates, etc. were pre-tax.
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Art Vandelay
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Re: Help Me With This.
« Reply #3 on: April 23, 2007, 05:49:52 PM »

"B" is how it's done.  The sales tax is applied to the full sale price of the item.  Whether you pay with club trade, a gift card, cash, credit, chickens or a bushel of apples doesn't matter a whit to the government bean counters.  The price of the club before any application of payment from you is $200.00.  That's the amount they expect to collect a tax on.

You didn't really expect it to be done to the favor of the little guy, did you?

Second Swing took lots of money from me when they were in business around here.  That's how they did it every time.
« Last Edit: April 23, 2007, 05:52:02 PM by Art Vandelay » Logged Return to Top
twoiron
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Re: Help Me With This.
« Reply #4 on: April 23, 2007, 05:53:07 PM »

'B'
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Clive
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Re: Help Me With This.
« Reply #5 on: April 23, 2007, 06:05:35 PM »

Bravo.
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Uisce Beatha
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Re: Help Me With This.
« Reply #6 on: April 23, 2007, 06:07:47 PM »

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

Or B.  But only because everyone says so.
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stroh
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Re: Help Me With This.
« Reply #7 on: April 23, 2007, 06:20:31 PM »

Ok.  But, it's not being sold, for that.

If I'm selling a lawnmower for 2 hundred bucks, and a guy comes up, and says "I'll give you a hundred", and I say "No."  And then he says, "If I give you my scooter, 2 rakes, and this half of bag of fertilizer, would you let it go for a hundred bucks?"

Did I not sell it for a hundred bucks?  (obviously setting aside, personal vs. business, etc., etc, ad nauseam)

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stroh
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Re: Help Me With This.
« Reply #8 on: April 23, 2007, 06:21:09 PM »

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


 Laughing Rolling
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Aske
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Re: Help Me With This.
« Reply #9 on: April 23, 2007, 06:23:38 PM »

why do you hate gubmint revenue source generation ?
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Art Vandelay
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Re: Help Me With This.
« Reply #10 on: April 23, 2007, 06:24:06 PM »

Ok.  But, it's not being sold, for that.

If I'm selling a lawnmower for 2 hundred bucks, and a guy comes up, and says "I'll give you a hundred", and I say "No."  And then he says, "If I give you my scooter, 2 rakes, and this half of bag of fertilizer, would you let it go for a hundred bucks?"

Did I not sell it for a hundred bucks?  (obviously setting aside, personal vs. business, etc., etc, ad nauseam)



You sold it for $100 cash plus $100 (in theory) value in trade items.  The value you received for your mower in money plus trade is $200.00.
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stroh
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Re: Help Me With This.
« Reply #11 on: April 23, 2007, 06:29:51 PM »

Ok.  But, it's not being sold, for that.

If I'm selling a lawnmower for 2 hundred bucks, and a guy comes up, and says "I'll give you a hundred", and I say "No."  And then he says, "If I give you my scooter, 2 rakes, and this half of bag of fertilizer, would you let it go for a hundred bucks?"

Did I not sell it for a hundred bucks?  (obviously setting aside, personal vs. business, etc., etc, ad nauseam)



You sold it for $100 cash plus $100 (in theory) value in trade items.  The value you received for your mower in money plus trade is $200.00.

Got it.  Thanks.  That makes sense.

Oy vey!  The fallout Comin' from Clive on this is gonna be unbearable. Embarrassed

[Aske]  Chair  I pay my 6.5 like a good lil' commie.  'Sides, I sleep at night, knowing I'm building a new Viking's stadium. Wink
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Aske
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Re: Help Me With This.
« Reply #12 on: April 23, 2007, 06:32:55 PM »

Ok.  But, it's not being sold, for that.

If I'm selling a lawnmower for 2 hundred bucks, and a guy comes up, and says "I'll give you a hundred", and I say "No."  And then he says, "If I give you my scooter, 2 rakes, and this half of bag of fertilizer, would you let it go for a hundred bucks?"

Did I not sell it for a hundred bucks?  (obviously setting aside, personal vs. business, etc., etc, ad nauseam)



You sold it for $100 cash plus $100 (in theory) value in trade items.  The value you received for your mower in money plus trade is $200.00.

Got it.  Thanks.  That makes sense.

Oy vey!  The fallout Comin' from Clive on this is gonna be unbearable. Embarrassed

[Aske]  Chair  I pay my 6.5 like a good lil' commie.  'Sides, I sleep at night, knowing I'm building a new Viking's stadium. Wink
Devil
what about declaring that shiny $100 income to the feds?
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MFAWG
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Re: Help Me With This.
« Reply #13 on: April 23, 2007, 06:43:47 PM »

Ok.  But, it's not being sold, for that.

If I'm selling a lawnmower for 2 hundred bucks, and a guy comes up, and says "I'll give you a hundred", and I say "No."  And then he says, "If I give you my scooter, 2 rakes, and this half of bag of fertilizer, would you let it go for a hundred bucks?"

Did I not sell it for a hundred bucks?  (obviously setting aside, personal vs. business, etc., etc, ad nauseam)



You sold it for $100 cash plus $100 (in theory) value in trade items.  The value you received for your mower in money plus trade is $200.00.

Got it.  Thanks.  That makes sense.

Oy vey!  The fallout Comin' from Clive on this is gonna be unbearable. Embarrassed

[Aske]  Chair  I pay my 6.5 like a good lil' commie.  'Sides, I sleep at night, knowing I'm building a new Viking's stadium. Wink
Devil
what about declaring that shiny $100 income to the feds?


You declare the $100.00 as income, but you have to pay the state, county, and city on the $200.00 in sales dollars.

I'm not defending it, that's just how it works. They take the sales tax right off the receipt.

I suppose a retail business COULD just change the price of the item to the $100.00, but then your taking it in the shorts on profit margin, which is pretty much always a bad thing in retail.
« Last Edit: April 23, 2007, 06:46:14 PM by MFAWG » Logged Return to Top

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stroh
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Re: Help Me With This.
« Reply #14 on: April 23, 2007, 07:22:04 PM »


 Devil
what about declaring that shiny $100 income to the feds?


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.
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