Retention of documents; examination by Commissioner

# A.

Generally. Any person who sells an aircraft in Virginia must retain a copy of the invoice required by § 58.1-1503 of the Code of Virginia for six years following the sale. Any dealer taxed on gross receipts under the dealer exclusion provisions must retain a copy of all invoices for lease, charter or other usage of aircraft for six years following the transaction.

# B.

Invoice information thereon. Each invoice must accurately describe the aircraft sold, leased or used.

# 1.

Aircraft sales invoice. Sales invoices must contain a complete description of the aircraft sold, including its sale price, its make, model, year, manufacturer's serial number and date of purchase.

# 2.

Dealer's monthly or periodic invoice. For purposes of a dealer's monthly or periodic invoice for lease, rental or other usage of aircraft, the required description is limited to make, model and year; provided the dealer retains a copy of the original purchase invoice for each aircraft so used. The dealer must also maintain a complete record of the gross receipts derived from the rental, lease, charter or other usage of each aircraft, whether placed under the dealer exclusion or not, with each such aircraft identified by its FAA registration number. It shall be prima facie evidence that the receipts are subject to the two percent tax monthly if the records do not clearly show that such income was derived from an aircraft on which the tax was paid at the time of purchase.

# C.

Examination by Commissioner. The Commissioner may examine during the usual business hours of the day records, books, papers, or other documents of any dealer or other person selling or purchasing aircraft, relating to the receipts or sales prices of any aircraft, to verify the truth and accuracy of any statement or any other information as to a particular sale, lease or other taxable transaction.

Last amended: Historical Notes Derived from VR630-11-1508, eff. January 1, 1985, with retroactive effect according to § 58.1-203 of the Code of Virginia.

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