Iowa Admin. Code r. 701-288.8
Current through Regsiter Vol. 46, No. 26, June 12, 2024
When merchandise is sold and returned by a customer who secures an allowance or a return of the full purchase price, the seller may deduct the amount allowed as full credit or refund, provided the merchandise is taxable merchandise and tax has been previously paid on the sales price.
An allowance shall not be made for the return of any merchandise which (1) is exempt from either sales or use tax; or (2) has not been reported in the taxpayer's tax previously paid.
This rule is intended to implement Iowa Code section 423.31.
Iowa Admin. Code r. 701-288.8