Laws, Regulations & Annotations
Business Taxes Law Guide – Revision 2016
Sales and Use Tax Annotations
330.0000 LEASES OF TANGIBLE PERSONAL PROPERTY—IN GENERAL—Regulation 1660
(a) IN GENERAL
The rent is to equal 50 percent of all purses won by the horse, less 50 percent of the expenses. The "lessee" is to have control over the racing performance of the horse, and has the right to have the horse raced under its name and color.
In this case there is no "lease," "sale" or "purchase" because there is no consideration paid for the "lease". The "lessor" was 50 percent owner before the "lease" was entered into and already had the right to 50 percent of all income earned by the horse plus the responsibility for 50 percent of all expenses. 3/18/92.