A dealer who has paid the tax on tangible personal property sold under a retained title, conditional sale, or similar contract, may take credit for the tax paid by him upon the unpaid balance due him when he repossesses the property, such credit to be reflected in the same manner as the credit for returned purchases under § 58.1-619. When such repossessed property is resold, such sale is subject in all respects to this chapter.

Terms Used In Virginia Code 58.1-620

  • Contract: A legal written agreement that becomes binding when signed.
  • dealer: includes every person that:

    1. See Virginia Code 58.1-612

  • Personal property: All property that is not real property.
  • Sale: means any transfer of title or possession, or both, exchange, barter, lease or rental, conditional or otherwise, in any manner or by any means whatsoever, of tangible personal property and any rendition of a taxable service for a consideration, and includes the fabrication of tangible personal property for consumers who furnish, either directly or indirectly, the materials used in fabrication, and the furnishing, preparing, or serving for a consideration of any tangible personal property consumed on the premises of the person furnishing, preparing, or serving such tangible personal property. See Virginia Code 58.1-602

Code 1950, § 58-441.23; 1966, c. 151; 1984, c. 675.

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