45 IAC 2.2-6-9 Income exclusion ratio

Authority: IC 6-8.1-3-3

Affected: IC 6-2.5

Sec. 9. In determining the retail merchants tax liability under Regulation 6-2.5-6-7(010) $45 IAC 2.2-6-8$ the retail merchant may exclude from his gross retail income from retail transactions made during a particular reporting period, the amount equal to:

(1) The amount of gross retail income for that reporting period, multiplied by;

(2) The retail merchants "income exclusion ratio" for the tax year which contains the reporting period.

(Department of State Revenue; Ch. 6, Reg. 6-2.5-6-8(a)(010); filed Dec 1, 1982, 10:35 am: 6 IR 62)