Use means the exercise of any right or power over property incident to the ownership or possession of that property, except that use does not include the sale of that property in the regular course of business or the exercise of any right or power over property which will enter into or become an ingredient or component part of property manufactured, processed, or fabricated for ultimate sale at retail. Use specifically includes the annexation of building materials to real estate or the withdrawal of property or building materials from inventory, which inventory is subject to sales tax under the Nebraska Revenue Act of 1967 or would be subject to the sales tax under the act except for an election under section 77-2701.10, for annexation to real estate or to improvements upon real estate without regard to the fact that such building materials are manufactured, processed, or fabricated prior to annexation or that such real estate and improvements may subsequently be sold as such.

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Terms Used In Nebraska Statutes 77-2701.42

  • Building materials: means any property that will be annexed to real estate or to an improvement on real estate. See Nebraska Statutes 77-2701.44
  • Business: means any activity engaged in by any person or caused to be engaged in by him or her with the object of gain, benefit, or advantage, either direct or indirect. See Nebraska Statutes 77-2701.07
  • Property: means all tangible and intangible property that is subject to tax under subsection (1) of section Nebraska Statutes 77-2701.27
  • Sale: means any transfer of title or possession or segregation in contemplation of transfer of title or possession, exchange, barter, lease, or rental, conditional or otherwise, in any manner or by any means, of property for a consideration or the provision of service for a consideration. See Nebraska Statutes 77-2701.33
  • Sales: means all gross receipts of the taxpayer, except:

    (a) Income from discharge of indebtedness. See Nebraska Statutes 77-2734.04

  • Use: means the exercise of any right or power over property incident to the ownership or possession of that property, except that use does not include the sale of that property in the regular course of business or the exercise of any right or power over property which will enter into or become an ingredient or component part of property manufactured, processed, or fabricated for ultimate sale at retail. See Nebraska Statutes 77-2701.42
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