07/07/2016
Focus on Transportation and Dealerships: Proposed IRS Guidance Changes Transportation Equipment Taxes
The IRS issued proposed guidance focusing on retailer’s excise tax imposed on highway-type equipment, which if passed, would change the way certain transportation equipment is taxed. The proposed regulations help align the current regulations to properly reflect the current law. Additionally the regulations provide support for any buyer of an incomplete chassis cab that also confirms to the seller that he will not change the incomplete chassis cab into a taxable tractor.