“As defined by statute, tangible personal property means corporeal personal property. Corporeal personal property is property capable of being perceived by the senses; it may be possessed and exchanged. Tangible personal property does not include real property, such as land and buildings, nor does it include property that loses its identity when it becomes an integral and inseparable part of the realty such that its removal would cause substantial damage to the premises.”
In this white paper our author, Adam W. Chase, J.D., LL.M., reviews tangible personal property as stated above as well as the topics of retail sales, sales price, and use tax in Colorado. Regarding retail sales he explains … “To trigger the imposition of Colorado’s transactional excise tax, there must be a taxable event — a sale or use — in the state. The term ‘sale’ is commonly used to refer to contracts whereby the ownership of property is transferred from one person to another for a sum of money or other valuable consideration.” He further describes sales price as follows … “The statutory definition of ‘purchase price’ is concisely defined as ‘the price to the consumer.’ The statute provides as an exclusion direct taxes imposed by the federal government or under the Colorado sales and use tax provisions. Moreover, in the case of retail sales involving the exchange of property, the definition of purchase price excludes the fair market value of the property exchanged at the time and place of the exchange.”
Download and read this white paper for more information.
Agenda
Faculty
Adam W. Chase, J.D., LL.M.
Hutchinson Black and Cook, LLC
- Of counsel to Hutchinson Black and Cook, LLC
- Practices in tax and corporate law
- Written extensively in the area of state and federal tax law, and wrote the book Colorado Sales & Use Taxation, The Complete State and Local Reference
- Frequent speaker on Colorado and multistate sales and use tax
- Teaches numerous seminars on the topic throughout Colorado and the United States
- J.D. degree, University of Colorado School of Law; LL.M. degree in taxation, New York University; bachelor’s degree in economics, University of Kent in Canterbury, United Kingdom; bachelor’s degree in economics, with honors, Haverford College in Haverford, Pennsylvania
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