Nevada § 360B.450 “Lease or rental” construed

Nevada Statutes

§ 360B.450 — “Lease or rental” construed

Nevada § 360B.450

Title 32REVENUE AND TAXATION

Ch. 360BSales

Construction of Common Terms

This text of Nevada § 360B.450 (“Lease or rental” construed) is published on Counsel Stack Legal Research, covering Nevada primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Nev. Rev. Stat. § 360B.450 (2026).

Text

1. Except as otherwise provided in this section, “lease or rental” means any transfer of possession or control of tangible personal property for a fixed or indeterminate term for consideration. The term:

(a)Includes future options to purchase or extend;

(b)Excludes:

(1)A transfer of possession or control under a security agreement or plan for deferred payment that requires the transfer of title upon completion of the required payments;

(2)A transfer of possession or control under an agreement that requires the transfer of title upon completion of required payments and payment of an option price that does not exceed the greater of $100 or 1 percent of the total required payments; and

(3)The provision of tangible personal property together with an operator for a fixed or indeterminate p

Free access — add to your briefcase to read the full text and ask questions with AI

1. Except as otherwise provided in this section, “lease or rental” means any transfer of possession or control of tangible personal property for a fixed or indeterminate term for consideration. The term:
(a) Includes future options to purchase or extend;
(b) Excludes:
(1) A transfer of possession or control under a security agreement or plan for deferred payment that requires the transfer of title upon completion of the required payments;
(2) A transfer of possession or control under an agreement that requires the transfer of title upon completion of required payments and payment of an option price that does not exceed the greater of $100 or 1 percent of the total required payments; and
(3) The provision of tangible personal property together with an operator for a fixed or indeterminate period, if the operator:
(I) Is necessary for the property to perform as designed; and
(II) Does anything more than maintain, inspect and set up the property; and
(c) Includes agreements covering motor vehicles and trailers pursuant to which the amount of consideration may be increased or decreased by reference to the amount realized upon sale or disposition of the property, as described in 26 U.S.C. § 7701(h)(1).
2. The provisions of subsection 1:
(a) Apply regardless of whether a transaction is characterized as a lease or rental under generally accepted accounting principles, the Internal Revenue Code, the Uniform Commercial Code or any other provisions of federal, state or local law.
(b) Do not apply to any leases or rentals existing on June 15, 2005.