Ala. Admin. Code r. 810-6-1-.31

Current through Register Vol. 43, No. 1, October 31, 2024

Section 810-6-1-.31 - Carrying Charges, Finance Charges

(1) When the seller has an established price for the goods he sells, that price is the amount to be included in gross proceeds of sales even though the established price may include an amount to cover a carrying charge.

(2) When the seller has an established cash price, and when selling on an extended payment basis as a separate charge for financing, the additional charge is not included in the gross proceeds of sales.

(3) In no event may finance or carrying charges be deducted from gross proceeds of sales when not shown as a separate item in the seller's billing to his customer. § 40-23-1(6).

Author:

Ala. Admin. Code r. 810-6-1-.31

Statutory Authority:Code of Ala. 1975, § 40-23-31.