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©2000
Model City
Tax Code
Terms and
Conditions
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REGULATIONS
- PRIVILEGE AND EXCISE TAXES
**(Reg. ___-120.1.
Food for home consumption: recordkeeping and reporting
requirements.
(a) Reporting.
Such persons who sell food for home consumption shall, in conjunction
with the return required pursuant to Section ___-520, report to the
Tax Collector in a manner prescribed by the Tax Collector all sales
of food for home consumption exempted from taxes imposed by this Chapter.
(b) Recordkeeping.
(1) Retailers
shall maintain accurate, verifiable, and complete records of all
purchases and sales of tangible personal property in order to verify
exemptions from taxes imposed by this Chapter. A retailer may use
any method of reporting that properly reflects all purchases and
sales of food for home consumption, as well as all purchases and
sales of items subject to taxes imposed by this Chapter, provided
that such records are maintained in accordance with Article III,
and regulations of the Tax Collector.
(2) Any person
who fails to maintain records as provided herein shall be deemed
to have had no sales of food for home consumption, and if upon request
by the Tax Collector, a person cannot demonstrate to the Tax Collector
that such records and reports do properly reflect allsales of food
for home consumption, the Tax Collector may recompute the amount
of tax to be paid as provided in Sections ___-370 and ___-545(b).
Model Option
#2: Reg. ___-120.1. (Reserved))**
Web.
Rev. Date: 10-30-2000
©2001 Model City Tax Code
All rights reserved.
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