Ala. Admin. Code r. 810-6-1-.150
Current through Register Vol. 43, No. 1, October 31, 2024
The term "sale" or "sales" includes installment and credit sales and the exchange of property as well as the sale thereof for money, every closed transaction constituting a sale. Each transaction whereby property is transferred from one owner to another constitutes a sale under the sales tax law except in instances where the property is transferred as a gift or where possession without ownership is given on a rental or lease basis with no intention to transfer ownership at the end of the rent or lease period. § 40-23-1(5).
Author:
Ala. Admin. Code r. 810-6-1-.150
Statutory Authority:Code of Ala. 1975, § 40-23-31.