Michigan Taxes On Gross Proceeds Realized By The Pawnbroker From Sale Of A Redeemed Article
Added January 24th, 2014
Michigan Administrative Code
Title Rule Range R 205.1 - R 257.3612.
Treasury
Bureau of Tax & Economic Policy : General Sales and Use Tax Rules
SPECIFIC SALES AND USE TAX RULES
R. 205.106. Pawnbrokers
Rule 56. Pawnbrokers are engaged primarily in the business of lending money for the repayment of which they accept as security tangible personal property from the pawner or pledger. In case the pawner or pledger does not redeem the property pledged or pawned within the specified time and the property is forfeited and title rests in the pawnbroker, the gross proceeds realized by the pawnbroker from a subsequent sale of the articles are taxable.
Cite as Mich. Admin. Code R. 205.106
Title Rule Range R 205.1 - R 257.3612.
Treasury
Bureau of Tax & Economic Policy : General Sales and Use Tax Rules
SPECIFIC SALES AND USE TAX RULES
R. 205.106. Pawnbrokers
Rule 56. Pawnbrokers are engaged primarily in the business of lending money for the repayment of which they accept as security tangible personal property from the pawner or pledger. In case the pawner or pledger does not redeem the property pledged or pawned within the specified time and the property is forfeited and title rests in the pawnbroker, the gross proceeds realized by the pawnbroker from a subsequent sale of the articles are taxable.
Cite as Mich. Admin. Code R. 205.106
Laws change and requirements vary by state. This is general information and may be out of date. Check the official state sources, or ask a lawyer, before relying on it.
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