car dealers ...tax on the personal use of inventory vehicles ++ good car dealer education in Susanville, California For Sale

every licensed car dealer may use inventory vehicles for personal use
when such personal use is made a small amount of use tax becomes due
to the state board of equalization
the tax formula for personal use of the dealer license plate
is critical when such use
exceeds xxxx miles
while in car dealer inventory
car dealer plate personal use tax
for monthly use tax reporting
is done on the BOE 401-A form, line 2
PURCHASES SUBJECT TO USE TAX
http://www.boe.ca.gov/pdf/boe401a2.pdf
here is the use tax formula for car dealer plate personal use
take the purchase price of the car ( lets say $24,000. )
divide by 40 for dealer owner use ( that gives us $ 600. )
THIS AMOUNT ( $ 600. ) GOES ON LINE 2 OF THE BOE 401 FORM
pay use tax = to your office rate for sales tax ( 8.50% for SF )
$ 24,000 divided by 40 = $ 600. x 8.50% = $ 51.00
use tax due for the personal dealer plate use of this inventory vehicle
CAR DEALERS ARE REQUIRED TO REPORT SUCH USE ON A MONTHLY BASIS
http://www.boe.ca.gov/pdf/regxxxx-5.pdf
State of California
BOARD OF EQUALIZATION
SALES AND USE TAX REGULATIONS
Regulation xxxx.5.
DEMONSTRATION, DISPLAY, AND USE OF PROPERTY
HELD FOR RESALE — VEHICLES.
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