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Sales and Use Tax Contested Tax Case Docket # 10 REV 00826 - 11/09/2015

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Issue: Whether Petitioner is authorized to claim a refund under N.C. Gen. Stat. § 105-164.13(15) when: (1) Petitioner contracts with a third-party bank (“the Bank”) to extend credit to its customers in the form of private label credit cards (“PLCC”); (2) the PLCC Card Accounts are owned by the Bank; (3) the Bank reimburses Petitioner for the purchase price plus the applicable sales tax on each PLCC transaction; (4) the Bank charges Petitioner a Reserve Fee for each PLCC transaction; (5) the Bank owns and manages the Reserve Fees Account; (6) the Bank debits the Reserve Fees Account for PLCC losses on Card Account balances deemed worthless by the Bank; and (7) the Bank not Petitioner charged off the PLCC worthless accounts for federal income tax purposes?