Vessels exempt from registration

From the 2024 DOR Tax Exemption Study

Home Education Industry Guides Vessel Brokers And Dealers Miscellaneous Income Print Miscellaneous income While miscellaneous fees and charges aren't directly associated with a broker or vessel dealer's primary business, they may still constitute taxable income. Identified below are some examples of broker or dealer activities that may create miscellaneous income that is taxable. Marine survey fees Income received for providing a marine survey only, with no repairs, is subject to B&O tax under the service and other activities classification. If a repair is performed with the survey, the entire amount received is subject to retailing B&O tax and sales tax. Repairs performed for a customer providing a valid reseller permit are reported as wholesale sales, subject to B&O tax under the wholesaling classification. Advances and reimbursements An advance or reimbursement deduction from gross sales applies when the customer alone is liable for the payment of the fees or costs and when the broker/dealer making the payment has no personal liability for these payments, either primarily or secondarily, other than as agent for the customer. Examples would include title or conveyance fees, regis