45 IAC 2.2-6-9 Income exclusion ratio

Sec. 9. In determining the retail merchants tax liability under Regulation 6-2.5-6-7(010) [45 IAC 2.2-6-8] the retail merchant may exclude from his gross retail income from retail transactions made during a particular reporting period, the amount equal to: (1) The amount of gross retail income for that reporting period, multiplied by; (2) The retail merchants "income exclusion ratio" for the tax year which contains the reporting period.