Nebraska Statutes 77-2704.28. Leases between related companies; exemption
A lease of property from a subsidiary to the parent company, from a parent company to a subsidiary, from one subsidiary to another subsidiary of the same parent company, or between brother-sister companies shall not be subject to the sales and use tax imposed by the Nebraska Revenue Act of 1967 if such property was either originally acquired prior to June 1, 1967, or if acquired thereafter, the seller or transferor directly or indirectly has previously paid a sales or use tax thereon. Such lessor company shall have the same sales and use tax liability on the purchase of property to be leased to the lessee company as the lessee company would have paid if the lessee company had purchased the property directly.
Terms Used In Nebraska Statutes 77-2704.28
- Company: shall include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
- Company shall: include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
- Property: means all tangible and intangible property that is subject to tax under subsection (1) of section Nebraska Statutes 77-2701.27
- Purchase: means any 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, including a transfer of the possession of property in which the seller retains the title as security for the payment of the price and a transfer for a consideration of property which has been produced, fabricated, or printed to the special order of the customer. See Nebraska Statutes 77-2701.28
- Sales: means all gross receipts of the taxpayer, except:
(a) Income from discharge of indebtedness. See Nebraska Statutes 77-2734.04
- Seller: includes every person engaged in the business of selling, leasing, or renting property of a kind the gross receipts from the retail sale, lease, or rental of which are required to be included in the measure of the sales tax. See Nebraska Statutes 77-2701.36
- 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