58.1-1503 - Basis of tax; estimate of tax; penalty for misrepresentation.
§ 58.1-1503. Basis of tax; estimate of tax; penalty for misrepresentation.
A. The Tax Commissioner shall levy and collect the tax for the use or sale ofan aircraft pursuant to subdivisions 1 and 2 of § 58.1-1502 upon the basis ofthe sale price of such aircraft.
Any person who sells an aircraft in the Commonwealth shall supply the buyerwith an invoice, signed by the seller or his representative, which shallstate the sale price of the aircraft. The buyer shall present such invoice tothe Tax Commissioner with his return and payment of the tax.
B. The Tax Commissioner shall levy and collect the tax on an aircraftlicensed for commercial use and held by a dealer who has elected to be taxedunder subdivision 3 of § 58.1-1502 on the basis of the gross receipts arisingfrom all transactions involving the rental or use of such aircraft during thepreceding calendar month. The dealer shall submit a return to theCommissioner on a form prescribed by him, showing the gross receipts fromsuch transactions at the time that the dealer remits his tax payment.
C. In any case where (i) the invoice is not available, (ii) the TaxCommissioner has reason to believe that an invoice or return does not reflectthe true sales price or gross receipts, or (iii) the aircraft was purchasedmore than six months prior to its use or storage in this Commonwealth, theCommissioner may assess the tax in accordance with such publications or otherdata as are customarily employed in ascertaining the maximum sale price ofaircraft. Where the Commissioner finds that a charge for the rental or use ofaircraft has been lower than the fair market value of such rental or use, theCommissioner may estimate a fair price in accordance with the cost of theaircraft, the cost of maintenance, the normal rental value as shown insimilar transactions, or other relevant data.
Any person who knowingly misrepresents the value of an aircraft or the amountof tax due to the Commissioner or on any return or invoice shall be guilty ofa Class 1 misdemeanor.
(Code 1950, §§ 58-685.30, 58-685.33; 1974, c. 431; 1975, c. 424; 1977, c.396; 1984, c. 675.)