Ohio Admin. Code 5703-29-06 - Transfers of property into the state
(A) This rule provides the circumstances when
a taxpayer/purchaser will be required to include the value of property that is
transferred into this state within one year from the receipt of the property
outside of this state pursuant to section
5751.013 of the Revised
Code.
(B)
(1) Subject to paragraph (B)(2) of this rule,
the value of property brought into this state within one year after it is
received outside this state does not have to be included as a taxable gross
receipt by the purchaser. However, upon audit, the tax commissioner may require
the value of such property to be included as a taxable gross receipt if the
commissioner finds that such transfer within one year was intended in whole or
in part to avoid the commercial activity tax.
(2) The commissioner may identify and post on
the department of taxation's website one or more descriptions of transfers that
the commissioner deems are intended to avoid the commercial activity tax. If a
transfer is one so described, the taxpayer must include the value of the
property transferred as a gross receipt for that tax period in which the
transfer is made. The property shall be valued at its fair market value at the
time of transfer. The taxpayer may file a refund claim if the taxpayer believes
that it can show that the acquisition and subsequent transfer was not intended
in whole or in part to avoid the commercial activity tax.
(C) No penalty shall be imposed by the
commissioner under paragraph (B)(1) of this rule. A penalty may be imposed by
the commissioner under paragraph (B)(2) of this rule.
Notes
Promulgated Under: 119
Statutory Authority: 5703.05
Rule Amplifies: 5751.013
Prior Effective Dates: 12/27/2005, 12/25/2016
Promulgated Under: 119.03
Statutory Authority: 5703.05
Rule Amplifies: 5751.013
Prior Effective Dates: 12/27/2005
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