Section 45IAC2.2-4-28. Tangible personal property; sales by persons engaged in renting or leasing

   (a) The sale by a person of tangible personal property which is rented or leased in the regular course of such person's rental or leasing business shall be subject to the gross retail tax and use tax.

  (b) In general, casual sales of tangible personal property are exempt from tax. This regulation [45 IAC 2.2] imposes a tax on such sales of tangible personal property subsequent to such property's use as rental property. The state gross retail tax shall apply to the gross receipts from the sale of any tangible personal property which had been rented or leased to others in the regular course of the seller's renting or leasing business. (Department of State Revenue; Ch. 4, Reg. 6-2.5-4-10(b)(010); filed Dec 1, 1982, 10:35 am: 6 IR 24)