People also ask
What are tangible personal property services?
Tangible personal property services will usually (if not always) involve the use of specialized knowledge, expertise or ability but will usually involve direct contact with the tangible personal property itself.
Can personal property be conveyed in a like-kind exchange?
To circumvent the disallowance of personal property being conveyed in a like-kind exchange, some taxpayers and their advisers implemented aggressive strategies to assign a significantly reduced basis of Sec. 1245 property.
Are real property services exempt from sales and use tax?
Real property services that are performed as part of capital improvement are exempt from sales and use tax in the state of New York. As a general rule, new construction or complete replacement of existing real property would qualify as capital improvement.
What is the difference between personal property and Real Property Services?
Generally speaking, a real property service is very different than a personal property service.