Kentucky Administrative Regulations
Title 103 - FINANCE AND ADMINISTRATION CABINET - DEPARTMENT OF REVENUE
Chapter 28 - Sales and Use Tax; Miscellaneous Retail Transactions
103 KAR 28:090 - Tangible personal property; security instrument enforcement

103 KAR 28:090. Tangible personal property; security instrument enforcement

RELATES TO: KRS 139.010

NECESSITY, FUNCTION, AND CONFORMITY: To interpret the sales and use tax law as it applies to sales of tangible personal property enforcing the provisions of a security instrument.

Section 1. The sales or use tax does not apply to sales of tangible personal property at public auction enforcing the provisions of a security instrument if the sale is made pursuant to a court decree by a court appointed official and if the property is bid in by the secured party.

Section 2. The sales or use tax applies to other sales of tangible personal property enforcing the provisions of a security instrument and to subsequent sales of tangible personal property by the secured party who bids in the property at public auction to the same extent as other sales.

(SU-35; 1 Ky.R. 468; eff. 3-12-1975; Tam eff. 6-22-2016; Crt eff. 1-28-2020.)

STATUTORY AUTHORITY: KRS 131.130(1)

Disclaimer: These regulations may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.