So a developer can sell his newly built house to his son for a dollar and pay sales tax on it, then he can turn around and sell it as an existing house for $150,000 and the buyer will pay no tax? Is that what you are saying?
So a developer can sell his newly built house to his son for a dollar and pay sales tax on it, then he can turn around and sell it as an existing house for $150,000 and the buyer will pay no tax? Is that what you are saying?
He can try, at least until the state tax authority catches up with him, and slaps him with a demand for NRST due on prevailing market prices.
Suggest you read the bill, it does have the necessary enforcement teeth that any tax bill of necessity must have. Wrongful asset conversions and fraud are well understood by the tax authorities and the courts.
No, thats ludicrous. Why would an honest business man want to cheat? You've just spent 175K to 225K to get it built, why would you not try to get your money back? Besides, real estate leaves a paper trail, and fraud is obvious.