Montana Code 15-68-211. Nontaxability — use of property for leasing
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15-68-211. Nontaxability — use of property for leasing. The value of leased property is not considered in computing the use tax due if the person holding the property for lease:
Terms Used In Montana Code 15-68-211
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- Property: means real and personal property. See Montana Code 1-1-205
(1)is engaged in a business that derives a substantial portion of its receipts from leasing or selling property of the type leased;
(2)does not use the property in any manner other than holding it for lease or sale or leasing or selling it either by itself or in combination with other tangible personal property in the ordinary course of business; and
(3)does not use the property in a manner incidental to the performance of a service.