(1) Cash discounts
allowed by the vendor for timely payment, but only discounts allowed
against taxable gross income.
(2) The value
of property returned by customers to the extent of the amount actually
refunded either in cash or by credit and the amount refunded was
included in taxable gross income.
(3) The trade-in
allowance for tangible personal property accepted as payment, not
to exceed the full sales price for any tangible personal property
sold, when the full sales price is included in taxable gross income.
Trade-in allowances are not allowed for manufactured buildings taxable
under Section ___-427.
(4) When coupons
issued by a vendor are later accepted by the vendor as a discount
against the transaction, the discount may be excluded from gross
income as a cash discount. Amounts credited or refunded by a vendor
for redemption of coupons issued by any person other than the vendor
may not be excluded from gross income.
(5) Rebates
issued by the vendor to a customer as a discount against the transaction
may be excluded from gross income as a cash discount. Rebates issued
by a person other than the vendor may not be excluded from gross
income, even when the vendee assigns his right to the rebate to
the vendor.
(6) In computing
the tax base, gross proceeds of sales or gross income does not include
a manufacturer's cash rebate on the sales price of a motor vehicle
if the buyer assigns the buyer's right in the rebate to the retailer.
