Director's Rule 5-126

Conditional and installment sales, method of reporting

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Conditional and installment sales, method of reporting

(1) Persons making conditional sales or other installment sales of tangible personal property must report the total selling price of such sales in the tax reporting period in which the sale is made.

(2) A deduction from gross proceeds of sales as a credit loss is allowed to such sellers for the amount of the unpaid balance of the contract price on any installment sale if and when the property purchased is repossessed upon default by the buyer.

Effective: January 31, 2008.

DIRECTOR'S CERTIFICATION
I Dwight D. Dively, Director of the Department of Finance of the City of Seattle, do hereby certify under penalty of perjury of law, that the within and foregoing is a true and correct copy as adopted by the City of Seattle, Department of Finance.

Office of City Finance

Jamie Carnell, Director
Address: 700 5th Avenue, Seattle, WA, 98104
Mailing Address: P.O. Box 94669, Seattle, WA, 98124-4669
ocf@seattle.gov

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City Finance manages the financial operations of the City of Seattle and oversees the City’s financial controls and enterprise reporting while working to achieve the goals set by the Mayor and the City Council.