15-68-201. Nontaxable transaction certificate -- requirements.
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/mt/title-15/chapter-68/part-2/15-68-201·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
15-68-201 . Nontaxable transaction certificate -- requirements.
(1)A nontaxable transaction certificate executed by a buyer or lessee must be in the possession of the seller or lessor at the time that a nontaxable transaction occurs.
(2)A nontaxable transaction certificate must contain the information and be in the form prescribed by the department.
(3)Only a buyer or lessee who has registered with the department and whose seller's permit is valid may execute a nontaxable transaction certificate.
(4)If the seller or lessor accepts a nontaxable transaction certificate within the required time and believes in good faith that the buyer or lessee will employ the property or service transferred in a nontaxable manner, the properly executed nontaxable transaction certificate is considered conclusive evidence that the sale is nontaxable.