Minnesota Statutes 297F.15 – Physical Inventory; Offset
Subdivision 1.
[Repealed, 2005 c 151 art 1 s 117]
Subd. 2.
Terms Used In Minnesota Statutes 297F.15
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Month: means a calendar month and "year" means a calendar year, unless otherwise expressed; and "year" is equivalent to the expression "year of our Lord. See Minnesota Statutes 645.44
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
Terms Used In Minnesota Statutes 297F.15
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Month: means a calendar month and "year" means a calendar year, unless otherwise expressed; and "year" is equivalent to the expression "year of our Lord. See Minnesota Statutes 645.44
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
[Repealed, 2005 c 151 art 1 s 117]
Subd. 3.
[Repealed, 2005 c 151 art 1 s 117]
Subd. 4.
[Repealed, 2005 c 151 art 1 s 117]
Subd. 5.
[Repealed, 2005 c 151 art 1 s 117]
Subd. 6.
[Repealed, 2005 c 151 art 1 s 117]
Subd. 7.
[Repealed, 2005 c 151 art 1 s 117]
Subd. 8.
[Repealed, 2005 c 151 art 1 s 117]
Subd. 9.Physical inventory.
The commissioner or the commissioner’s authorized agents may, as considered necessary, require a cigarette or tobacco products distributor to furnish a physical inventory of all cigarettes or tobacco products in stock. The inventory must contain the information that the commissioner requests and must be certified by an officer of the corporation.
Subd. 10.Offset.
Upon audit, if a distributor’s return reflects an overage resulting from an inventory counting error, the overage shall be offset against a shortage, if any, in the month immediately preceding the month of the overage. If any overage remains after that offset, the remainder may only be offset against a shortage, if any, in the month immediately following the month of the overage. If the commissioner determines that the overage is attributable to a mistake by the distributor other than an inventory counting error, the commissioner may permit the overage to be offset against a shortage in any month or months during the 12-month period immediately following the month when the overage was discovered upon audit.