English: 8-Hour License Renewal Auto Dealer Course
Complex Example
assessment
Existing Dealers
The state of Florida has issued a lease value table based on a vehicle’s fair market value used to calculate tax on loaner vehicles. Use tax is calculated as the Lease value of a vehicle divided by the number of days in a year multiplied by the number of days the vehicle was loaned out.
Complex Example: The local dealership loans out a vehicle with a Fair Market Value of $21,000 for a period of 10 days as a courtesy to a longtime customer. Per the Lease Value Table on page 31 of the Florida Department of Revenue Tax Information Booklet, the vehicle has an annual “Lease Value” of $5,850. The use tax owed is: http://www.lsu.edu/administration/ofa/oas/pay/pdfs/irsannualleasevalue.pdf
| Lease Value | $5,850 |
| Number Of Days In A Year | 365 |
| Daily Lease Value | $16.03 ($5,600/365) |
| Number Of Days Loaned Out | 10 |
| Taxable Base | $160.30 ($16.03 X 10) |
| Use Tax | $9.62 ($160.30 X 6% Use Tax) |
Use tax on items such as shop and equipment overhead are simply calculated based on the purchase price. Normally, these items are allocated, charged, and taxed to the customer.
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Curso
English: 8-Hour License Renewal Auto Dealer Course
Autor
Joaquin Jimenez
Instructor
