§ 58.1-1403. Basis of tax; estimate of tax; penalty for misrepresentation.
A. The Tax Commissioner shall assess and collect the tax for the use or saleof a watercraft pursuant to subdivisions 1 and 2 of § 58.1-1402 upon thebasis of the sale price of such watercraft.
Any person who sells a watercraft in this Commonwealth shall supply the buyerwith an invoice, signed by the seller or his representative, which shallstate the sale price of the watercraft. The buyer shall present such invoiceto the Tax Commissioner with his return and payment of the tax.
B. The Tax Commissioner shall assess and collect the tax on the lease orcharter of a watercraft by a registered dealer on the basis of the grossreceipts arising from all transactions pertaining to the lease, charter orother use of such watercraft during the preceding calendar month. The dealershall submit a return to the Tax Commissioner showing the gross receiptsarising from such transactions. The dealer shall remit with such return theamount of tax due.
C. In any case where (i) the invoice is not available, (ii) the TaxCommissioner has reason to believe that an invoice or return does not reflectthe true sales price, or (iii) the watercraft was purchased more than sixmonths prior to its use or storage in the Commonwealth, the Tax Commissionermay assess the tax in accordance with such publications or other data as arecustomarily employed in ascertaining the maximum sale price of watercraft.Where the Tax Commissioner finds that a charge for the rental, lease, charteror use of watercraft has been lower than the fair market value of such use,the Tax Commissioner may estimate a fair price in accordance with the cost ofthe watercraft, the cost of maintenance, the normal rental value as shown insimilar transactions, or other relevant data.
Any person who knowingly misrepresents the value of a watercraft or theamount of tax due to the Tax Commissioner or any return or invoice shall beguilty of a Class 1 misdemeanor.
(Code 1950, §§ 58-685.44, 58-685.47; 1981, c. 405; 1984, c. 675.)
§ 58.1-1403. Basis of tax; estimate of tax; penalty for misrepresentation.
A. The Tax Commissioner shall assess and collect the tax for the use or saleof a watercraft pursuant to subdivisions 1 and 2 of § 58.1-1402 upon thebasis of the sale price of such watercraft.
Any person who sells a watercraft in this Commonwealth shall supply the buyerwith an invoice, signed by the seller or his representative, which shallstate the sale price of the watercraft. The buyer shall present such invoiceto the Tax Commissioner with his return and payment of the tax.
B. The Tax Commissioner shall assess and collect the tax on the lease orcharter of a watercraft by a registered dealer on the basis of the grossreceipts arising from all transactions pertaining to the lease, charter orother use of such watercraft during the preceding calendar month. The dealershall submit a return to the Tax Commissioner showing the gross receiptsarising from such transactions. The dealer shall remit with such return theamount of tax due.
C. In any case where (i) the invoice is not available, (ii) the TaxCommissioner has reason to believe that an invoice or return does not reflectthe true sales price, or (iii) the watercraft was purchased more than sixmonths prior to its use or storage in the Commonwealth, the Tax Commissionermay assess the tax in accordance with such publications or other data as arecustomarily employed in ascertaining the maximum sale price of watercraft.Where the Tax Commissioner finds that a charge for the rental, lease, charteror use of watercraft has been lower than the fair market value of such use,the Tax Commissioner may estimate a fair price in accordance with the cost ofthe watercraft, the cost of maintenance, the normal rental value as shown insimilar transactions, or other relevant data.
Any person who knowingly misrepresents the value of a watercraft or theamount of tax due to the Tax Commissioner or any return or invoice shall beguilty of a Class 1 misdemeanor.
(Code 1950, §§ 58-685.44, 58-685.47; 1981, c. 405; 1984, c. 675.)
§ 58.1-1403. Basis of tax; estimate of tax; penalty for misrepresentation.
A. The Tax Commissioner shall assess and collect the tax for the use or saleof a watercraft pursuant to subdivisions 1 and 2 of § 58.1-1402 upon thebasis of the sale price of such watercraft.
Any person who sells a watercraft in this Commonwealth shall supply the buyerwith an invoice, signed by the seller or his representative, which shallstate the sale price of the watercraft. The buyer shall present such invoiceto the Tax Commissioner with his return and payment of the tax.
B. The Tax Commissioner shall assess and collect the tax on the lease orcharter of a watercraft by a registered dealer on the basis of the grossreceipts arising from all transactions pertaining to the lease, charter orother use of such watercraft during the preceding calendar month. The dealershall submit a return to the Tax Commissioner showing the gross receiptsarising from such transactions. The dealer shall remit with such return theamount of tax due.
C. In any case where (i) the invoice is not available, (ii) the TaxCommissioner has reason to believe that an invoice or return does not reflectthe true sales price, or (iii) the watercraft was purchased more than sixmonths prior to its use or storage in the Commonwealth, the Tax Commissionermay assess the tax in accordance with such publications or other data as arecustomarily employed in ascertaining the maximum sale price of watercraft.Where the Tax Commissioner finds that a charge for the rental, lease, charteror use of watercraft has been lower than the fair market value of such use,the Tax Commissioner may estimate a fair price in accordance with the cost ofthe watercraft, the cost of maintenance, the normal rental value as shown insimilar transactions, or other relevant data.
Any person who knowingly misrepresents the value of a watercraft or theamount of tax due to the Tax Commissioner or any return or invoice shall beguilty of a Class 1 misdemeanor.
(Code 1950, §§ 58-685.44, 58-685.47; 1981, c. 405; 1984, c. 675.)
