Section R15-5-110. Lease-purchase Agreements

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A.      Gross income derived from the leasing of tangible personal property under a lease-purchase agreement is subject to tax under the personal property rental classification.

B.       Payments received after the conversion from a lease to a pur- chase are subject to tax under the retail classification.

C.      Gross receipts from the sale of tangible personal property include conversion charges paid or incurred at the time the lease is converted to a purchase.

Historical Note

Renumbered from R15-5-1809 and amended effective August 9, 1993 (Supp. 93-3). Amended by final rulemak-

ing at 12 A.A.R. 4099, effective December 4, 2006

(Supp. 06-4).

                    
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