[Principled]

But if land was held for a business purpose, then it would seem to be taxed the next time that it is sold.

Business to business transactions aren't taxed. Only when sold for retail consumption.

[Iwo Jima]

O.K., so land held for business purpose (say, for residentital real estate developmont) prior to 12/31/06 and then sold to a homeowner for his residence would be subject to the NRST. And that would be true whether or not the deveoloper or the buyer is the one to build the home.

Correct?