Administrative Rules of Montana
Department 42 - REVENUE
Chapter 42.21 - PERSONAL PROPERTY
Subchapter 42.21.1 - Market Value of Personal Property
Rule 42.21.160 - DEFINITIONS

Universal Citation: MT Admin Rules 42.21.160

Current through Register Vol. 18, September 20, 2024

For purposes of this chapter the following definitions apply:

(1) "Affiliated entity" has the meaning given the term in ARM 42.21.158.

(2) "Aggregate" means the total sum of all class eight assets owned, claimed, possessed, controlled, or managed directly or indirectly through an affiliated entity by a person within the state

(3) "Business entity" means an organization engaged in the production, manufacture, distribution, purchasing, or sale of an article of commerce. Such organizations include but are not limited to:

(a) a limited liability company treated for tax purposes as a sole proprietorship;

(b) a corporation (foreign or domestic);

(c) a not-for-profit corporation;

(d) a profit and not-for-profit unincorporated association;

(e) a business trust;

(f) limited liability company;

(g) limited liability partnership;

(h) a small business corporation; or

(i) a partnership.

(4) "Commercial personal property" means all property, other than real property and real property improvements, which is used for the production of income.

(5) "Dealer purchase incentive rental program" is a program operated by equipment dealerships where the equipment is owned by the dealer and held for sale. The dealer is allowed to rent the equipment to a single user on a short term basis as an incentive for sale of the equipment.

(6) "Dealer lease program" is a program operated by equipment dealerships where the equipment is owned by the dealer and is leased to a consumer.

(7) "Dealer rental program" is a program operated by equipment dealerships where equipment is owned by the dealer, held for rent to consumers and is depreciated as an asset.

(8) "Dealer sales program" is a typical sales program where equipment is owned by the dealer and held for sale.

(9) "Family member," as used in ARM 42.21.158, means spouse or minor child.

(10) "Individual" has the meaning given to the term "person" as found in ARM 42.2.304.

(11) "Levy district" means a geographically distinct area where the same mill levies apply to all of the properties.

(12) "Taxing jurisdiction" means a governmental subdivision with the authority to tax.).

(13) "Taxable supplies" include all tangible materials used or consumed in a business except those tangible materials which are held by a taxpayer as his stock-in-trade for sale in the ordinary course of business. Taxable supplies do not include raw materials that are part of the final product. Examples of taxable supplies include, but are not limited to:

(a) fuel used in operations;

(b) parts held for repair of machinery; and

(c) chemicals used in process operations.

AUTH: 15-1-201, 15-9-101, MCA; IMP: 15-1-121, 15-1-137, 15-6-138, 15-8-104, MCA

Disclaimer: These regulations may not be the most recent version. Montana 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.
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