Section Tax 11.55 - Repossessions and sales of property to enforce liens(3) ENFORCEMENT OF LIENS. Pawnbrokers, storage persons, and others selling tangible personal property and items, property, and goods under s. 77.52(1) (b), (c), and (d), Stats., to enforce a lien are retailers with respect to such sales, and tax applies to the receipts from such sales.(4) REPOSSESSIONS. Repossessions of tangible personal property and items, property, and goods under s. 77.52(1) (b), (c), and (d), Stats., by a seller from a purchaser when the only consideration is cancellation of the purchaser's obligation to pay for the property, item, or good is not a taxable transaction. However, sales at retail of repossessed property (e.g., by finance companies, insurance companies, banks and other financial institutions) are taxable sales. Note: Section Tax 11.55 (1) and (2) were repealed and recreated in s. Tax 11.555.
Note: Section Tax 11.55 interprets s. 77.51(1fd), (13) and (14g) (f), Stats.
Wis. Admin. Code Department of Revenue Tax 11.55
Cr. Register, May, 1978, No. 269, eff. 6-1-78; EmR0924: emerg. am. (title), (1), (2) (a), (3) and (4), eff. 10-1-09; CR 09-090: am. (title), (1), (2) (a), (3) and (4) Register May 2010 No. 653, eff. 6-1-10.Amended by, CR 22-017: r. and recr. (title), r. (1), (2) Register June 2023 No. 810, eff. 7/1/2023The interpretations in s. Tax 11.55 are effective under the general sales and use tax law on and after September 1, 1969, except that the change of the term "gross receipts" to "sales price" and the separate impositions of tax on coins and stamps sold above face value under s. 77.52(1) (b), Stats., certain leased property affixed to real property under s. 77.52(1) (c), Stats., and digital goods under s. 77.52(1) (d), Stats., became effective October 1, 2009, pursuant to 2009 Wis. Act 2.