Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2018

Sales and Use Tax Annotations

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475.0000 RESALE CERTIFICATES—Regulation 1668

Annotation 475.0060

475.0060 Gift Items. An out-of-state supplier, with nexus in California, sells gift items such as TV's , VCR's, and sailboats to banks in California. The banks give the items away to depositors in lieu of interest.

A transfer of tangible personal property by the banks in lieu of a cash transfer of interest constitutes a retail sale of such property. The forfeiture of cash payments constitutes the consideration for the transfer of the property. 12/19/89.