1. Except as otherwise provided in subsection
3 and sections 2 to 40, inclusive, of Assembly Bill No. 495, chapter 249,
Statutes of Nevada 2021, at pages 1269-79 (NRS 363D.010-363D.310, inclusive),
for the purposes of the mining education tax, a person or other entity is a
business entity if the person is:
(a) An
entity organized pursuant to title 7 of NRS or another equivalent statute of
this State or another jurisdiction, other than an entity organized pursuant to
chapter 82 or 84 of NRS.
(b) A
partnership governed by chapter 87 of NRS or another equivalent statute of this
State or another jurisdiction.
(c)
A registered limited-liability partnership registered with the Secretary of
State pursuant to
NRS
87.440 to
87.500,
inclusive.
(d) A business
association.
(e) A joint venture,
except a joint operating or co-ownership arrangement which meets the
requirements of
26
C.F.R. §
1.761-2(a)(3),
Treas. Reg. § 1.761-2(a)(3), that elects out of federal partnership
treatment as provided by
26
U.S.C. §
761(a).
(f) A joint stock company.
(g) A holding company.
(h) A natural person who is required to file
with the Internal Revenue Service a:
(1)
Schedule C (Form 1040), Profit or Loss from Business, or its equivalent or
successor form;
(2) Schedule E
(Form 1040), Supplemental Income and Loss, or its equivalent or successor form,
if an activity of the natural person is reported on Part I of that Schedule;
or
(3) Schedule F (Form 1040),
Profit or Loss from Farming, or its equivalent or successor form.
(i) Any other person engaging in a
business of extracting and selling gold or silver or both in this
State.
2. For the
purpose of determining whether a person or other entity is a business entity, a
person or other entity is not a business entity if the person or entity is
listed in subsection 2 of section 4 of Assembly Bill No. 495, chapter 249,
Statutes of Nevada 2021, at page 1269 (NRS 363D.020) , regardless of whether
the person or entity is engaging in a business of extracting and selling gold
or silver or both in this State.
3.
As used in this section:
(a) "Holding
company" means an entity that confines its activities to owning stock in, and
supervising management of, other companies.
(b) "Joint stock company" means a common-law
unincorporated business enterprise of natural persons possessing common capital
with ownership interests represented by shares of stock.
(c) "Joint venture" means a partnership
engaged in the joint prosecution of a particular transaction for mutual
profit.
Added to NAC by Dep't of Taxation by
R130-21A,
eff. 2/23/2022
NRS
360.090, section 4 of Assembly Bill No. 495,
chapter 249, Statutes of Nevada 2021, at page 1269 (NRS 363D.020)
