Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2013
 

Sales and Use Tax Annotations


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I

325.0000 INTERSTATE AND FOREIGN COMMERCE—Regulation 1620

Annotation 325.0193

(a) IN GENERAL—SHIPMENTS INTO CALIFORNIA FROM POINTS OUTSIDE STATE

325.0193 Use Tax—Investment. A California resident purchased unfinished diamonds for investment purposes from an out-of-state retailer. The diamonds were sent to a trust company located in another state. The purchaser had ownership, dominion, or control over the diamonds. The diamonds were held by the trust company for a period of over 90 days before being shipped to the California purchaser.

Since the property was used/stored outside the state for more than ninety days, use tax does not apply. 12/24/87.