Section 361.1424 - Exemption for aircraft qualifying as business inventory1. A person claiming that an aircraft is personal property held for sale by a merchant or manufacturer and is exempt from taxation pursuant to paragraph (a) or (b) of subsection 1 of NRS 361.068, as applicable, has the burden of establishing to the satisfaction of the county assessor that the aircraft qualifies for the claimed exemption.2. A claim that an aircraft is exempt from taxation pursuant to paragraph (a) or (b) of subsection 1 of NRS 361.068 must be accompanied by the following documents as requested by the county assessor: (a) A valid dealer's license issued by the Federal Aviation Administration to the owner of the aircraft;(b) A valid seller's permit issued to the owner of aircraft by the Department pursuant to NRS 360.5973;(c) A valid business license issued by a local government in this State; (d) Evidence of the location of the aircraft on an airport or airfield in this State;(f) Listing or consignment agreements relating to the aircraft.Nev. Admin. Code § 361.1424
Added to NAC by Tax Comm'n by R001-20A, eff. 1/21/2021NRS 360.090, 360.250 and 361.068