Nev. Admin. Code § 372.944 — 372.944

NAC 372.944    Sale of tangible personal property designated as lease or rental
for purpose of retaining security interest. ( NRS
360.090 , 372.385 , 372.725 )    If
tangible personal property is sold, but the transaction is designated as a
lease or rental for the purpose of retaining a security interest in the
property, the transaction constitutes a sale and the tax applies to the
transaction in the same manner as a conditional sale described in NAC 372.050 . A security interest is created
in the property if the transfer of possession or control of the property is
made under:
1.  A security agreement or plan for deferred
payment that requires the transfer of title upon completion of the required
payments; or
2.  An agreement that requires the transfer
of title upon completion of required payments and payment of an option price
that does not exceed the greater of $100 or 1 percent of the total required
payments.
(Added to NAC by Tax Comm’n by R105-09, eff. 11-25-2009)