Tax Rules: Final: 5703-9
5703-9-19 Installment and credit sales
An "installment sale" is a sale in which the vendor agrees to
accept payment of the price in two or more partial payments
at intervals over a period of time. A "credit sale" is a sale
in which the vendor agrees to accept payment of the price in
minimum partial payments over an indefinite period of time.
The vendor must collect from or charge to the customer the
entire amount of the tax as computed on the price of an
installment or credit sale, irrespectve of the amount of the
installment or down payment made by the consumer if any. Each
installment sale or credit sale and the tax applicable
thereto must be reported on the vendor's return covering the
period in which the sale occurred. If the account is
underpaid in whole or in part by the consumer, the
transaction may be treated as a bad debt in accordance with
section 5739.121 of the Revised Code and rule 5703-9-44 of
the Administrative Code.
Effective: 7-2-81
Promulgated under: 5703.14
Amplifies: 5703.14, 5739.01, 5739.12, 5739.121
Prior effective dates: 1-1-62