A. Merchants' capital is defined as follows: Inventory of stock on hand;daily rental vehicles as defined in § 58.1-2401; and all other taxablepersonal property of any kind whatsoever, except money on hand and on depositand except tangible personal property not offered for sale as merchandise,which tangible personal property shall be reported and assessed as such.
B. For purposes of this section, a repair and service operation (i) carriedon as an integral part of and in conjunction with a business that isprimarily mercantile and (ii) the principal sales of such business aresubject to the tax imposed by Chapter 24 (§ 58.1-2400 et seq.) of this titleshall be deemed a mercantile business, and all capital, as defined herein,including all repair parts, materials and supplies associated with suchrepair and service operation shall be deemed merchants' capital.
C. For purposes of valuing lottery tickets as part of a dealer's inventory,cost shall include only the compensation payable to a licensed sales agent asprovided by rules or regulations adopted by the Board consistent with theprovisions of subdivision 11 of subsection A of § 58.1-4007. The value oflottery tickets shall not be based on the cost of the tickets to the merchant.
(Code 1950, §§ 58-266.1, 58-833; 1950, p. 155; 1956, c. 242; 1964, cc. 424,472; 1968, c. 619; 1970, cc. 231, 547; 1974, cc. 196, 438; 1975, cc. 23, 621;1976, cc. 521, 719; 1977, cc. 56, 320; 1978, cc. 772, 799, 817; 1979, cc.565, 568, 570; 1980, cc. 318, 736; 1981, cc. 145, 419, 636; 1982, cc. 348,548, 552, 554, 558, 633; 1983, cc. 544, 554; 1984, cc. 247, 675, 695; 1987,cc. 572, 591; 1989, c. 589; 1990, c. 151; 1997, c. 853; 2009, cc. 480, 692.)
A. Merchants' capital is defined as follows: Inventory of stock on hand;daily rental vehicles as defined in § 58.1-2401; and all other taxablepersonal property of any kind whatsoever, except money on hand and on depositand except tangible personal property not offered for sale as merchandise,which tangible personal property shall be reported and assessed as such.
B. For purposes of this section, a repair and service operation (i) carriedon as an integral part of and in conjunction with a business that isprimarily mercantile and (ii) the principal sales of such business aresubject to the tax imposed by Chapter 24 (§ 58.1-2400 et seq.) of this titleshall be deemed a mercantile business, and all capital, as defined herein,including all repair parts, materials and supplies associated with suchrepair and service operation shall be deemed merchants' capital.
C. For purposes of valuing lottery tickets as part of a dealer's inventory,cost shall include only the compensation payable to a licensed sales agent asprovided by rules or regulations adopted by the Board consistent with theprovisions of subdivision 11 of subsection A of § 58.1-4007. The value oflottery tickets shall not be based on the cost of the tickets to the merchant.
(Code 1950, §§ 58-266.1, 58-833; 1950, p. 155; 1956, c. 242; 1964, cc. 424,472; 1968, c. 619; 1970, cc. 231, 547; 1974, cc. 196, 438; 1975, cc. 23, 621;1976, cc. 521, 719; 1977, cc. 56, 320; 1978, cc. 772, 799, 817; 1979, cc.565, 568, 570; 1980, cc. 318, 736; 1981, cc. 145, 419, 636; 1982, cc. 348,548, 552, 554, 558, 633; 1983, cc. 544, 554; 1984, cc. 247, 675, 695; 1987,cc. 572, 591; 1989, c. 589; 1990, c. 151; 1997, c. 853; 2009, cc. 480, 692.)
A. Merchants' capital is defined as follows: Inventory of stock on hand;daily rental vehicles as defined in § 58.1-2401; and all other taxablepersonal property of any kind whatsoever, except money on hand and on depositand except tangible personal property not offered for sale as merchandise,which tangible personal property shall be reported and assessed as such.
B. For purposes of this section, a repair and service operation (i) carriedon as an integral part of and in conjunction with a business that isprimarily mercantile and (ii) the principal sales of such business aresubject to the tax imposed by Chapter 24 (§ 58.1-2400 et seq.) of this titleshall be deemed a mercantile business, and all capital, as defined herein,including all repair parts, materials and supplies associated with suchrepair and service operation shall be deemed merchants' capital.
C. For purposes of valuing lottery tickets as part of a dealer's inventory,cost shall include only the compensation payable to a licensed sales agent asprovided by rules or regulations adopted by the Board consistent with theprovisions of subdivision 11 of subsection A of § 58.1-4007. The value oflottery tickets shall not be based on the cost of the tickets to the merchant.
(Code 1950, §§ 58-266.1, 58-833; 1950, p. 155; 1956, c. 242; 1964, cc. 424,472; 1968, c. 619; 1970, cc. 231, 547; 1974, cc. 196, 438; 1975, cc. 23, 621;1976, cc. 521, 719; 1977, cc. 56, 320; 1978, cc. 772, 799, 817; 1979, cc.565, 568, 570; 1980, cc. 318, 736; 1981, cc. 145, 419, 636; 1982, cc. 348,548, 552, 554, 558, 633; 1983, cc. 544, 554; 1984, cc. 247, 675, 695; 1987,cc. 572, 591; 1989, c. 589; 1990, c. 151; 1997, c. 853; 2009, cc. 480, 692.)
