Ordinance 1966-356 - Laserfiche WebLink

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property of a farmer or rancher previously used by him in carrying on his farming or ranching operations. Unless said farmer or rancher is making or attempting to make full and final disposition at the auction sale of all property used in his farming or ranching operations and is abandoning said operations on the premises whereon they were previously conducted, such sale shall not be deemed a "farm auction closeout sale." 2-14. The term "gross taxable receipts" or "gross proceeds" shall mean the total amount received in money, credits, property, excluding the fair market value of exchanged property which is to be sold thereafter in the usual course of the retailer's business or other consideration valued in money from sales and purchases at retail within the City. 2-14 (1) Provided, that the taxpayer may take credit in his report of gross receipts for an amount equal to the sale price of property returned by the purchaser when the full sale price thereof is refunded, either in cash or by credit; 2-14 (2) And provided, further, that on all sales at retail valued in money, when such sales are made under conditional sales contracts, or under other forms of sale, where the payment of the principal sum thereunder be extended over a period longer than sixty days from the date of sale thereof, only such portion of the sale amount thereof may be counted for the purpose of imposition of the tax imposed by this ordinance as has actually been received in cash by the taxpayer during the period for which the tax imposed by this article is due and payable; 2-14 (3) And provided, further, that taxes paid on gross receipts represented by accounts found to be worthless and actually charged off for income tax purposes may be credited upon a subsequent payment of the tax - 3 -