Arizona Administrative Code
Title 15 - REVENUE
Chapter 5 - Department of Revenue - Transaction Privilege and Use Tax Section
Article 1 - RETAIL CLASSIFICATION
Section R15-5-110 - Lease-purchase Agreements
Universal Citation: AZ Admin Code R 15-5-110
Current through Register Vol. 30, No. 38, September 20, 2024
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 purchase 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.
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