Nev. Admin. Code § 372.924 — 372.924

NAC 372.924    Election by lessor to pay tax on use of tangible personal
property rather than cost of acquisition. ( NRS
360.090 , 372.170 , 372.240 ,
372.725 )
1.  If a lessor of tangible personal property
elects to pay the tax on the use of that property as measured by the amount of
the rental charged for the property rather than the cost of the acquisition of
that property pursuant to NRS 372.170
or 372.240 , the lessor shall
notify the Department of that election on a form prepared by the Department.
The lessor shall file a copy of the form with his or her records and make the
copy available to the Department for inspection upon request.
2.  A lessor who notifies the Department of
his or her election pursuant to subsection 1 may choose to apply the election:
(a) Separately to the item of tangible personal
property that the lessor identifies on the form and submit the form within 10
days after acquiring that item; or
(b) To all the tangible personal property he or she
acquires within the next ensuing year and submit the form on an annual basis.
3.  A lessor who applies the election to
separate items of tangible personal property pursuant to paragraph (a) of
subsection 2 may include more than one item of tangible personal property on
the form if the form is submitted within 10 days after the earliest date of
acquisition of an item of tangible personal property that is identified on the
form.
4.  The failure of a lessor to notify the
Department of his or her election pursuant to this section creates a rebuttable
presumption that the lessor did not elect to pay the tax on the use of the
tangible personal property rather than the cost of the acquisition of that
property pursuant to NRS 372.170
or 372.240 . The rebuttable
presumption may be overcome if the lessor presents evidence that he or she
intended to pay the tax on the use of the tangible personal property rather
than the cost of the acquisition of that property pursuant to NRS 372.170 or 372.240 .
(Added to NAC by Tax Comm’n by R058-02, eff. 1-17-2003)—(Substituted
in revision for NAC 372.088)