PUBLIC LAW 101-508—NOV. 5, 1990 104 STAT. 1388-443 "(A) TAX NOT IMPOSED ON SALE FOR LEASING IN A QUALI- FIED LEASE.— The sale of a passenger vehicle, boat, or aircraft to a person engaged in a leasing or rental trade or business of the article involved for leasing by such person in a queilified lease shall not be treated as the 1st retail sale of such article. "(B) QUALIFIED LEASE. — For purposes of subparagraph (A), the term 'qualified lease' means— "(i) any lease in the case of a boat or an aircraft, and "(ii) any long-term lease (as defined in section 4052) in the case of any passenger vehicle. "(C) SPECIAL RULES. —In the case of a qualified lease of an article which is treated as the 1st retail sale of such article— "(i) DETERMINATION OF PRICE.— The tax under this subchapter shall be computed on the lowest price for which the article is sold by retailers in the ordinary course of trade. "(ii) PAYMENT OF TAX.— Rules similar to the rules of section 4217(e)(2) shall apply. "(iii) No TAX WHERE EXEMPT USE BY LESSEE. — No tax shall be imposed on any lease payment under a qualified lease if the lessee's use of the article under such lease is an exempt use (as defined in section 4004(c)) of such article. "(d) DETERMINATION OF PRICE.— "(1) IN GENERAL. — In determining price for purposes of this subchapter— "(A) there shall be included any charge incident to placing the article in condition ready for use, "(B) there shall be excluded— "(i) the amount of the tax imposed by this subchapter, "(ii) if stated as a separate charge, the amount of any retail sales tax imposed by any State or political subdivision thereof or the District of Columbia, whether the liability for such tax is imposed on the vendor or vendee, and "(iii) the value of any component of such article if— "(I) such component is furnished by the 1st user of such article, and "(II) such component has been used before such furnishing, and "(C) the price shall be determined without regard to any trade-in. Subparagraph (B)(iii) shall not apply for purposes of the taxes imposed by sections 4006 and 4007. "(2) OTHER RULES.— Rules similar to the rules of paragraphs (2) and (4) of section 4052(b) shall apply for purposes of this subchapter. "(e) PARTS AND ACCESSORIES SOLD WITH TAXABLE ARTICLE.— Parts and accessories sold on, in connection with, or with the sale of any article taxable under this subchapter shall be treated as part of the article. "(f) PARTIAL PAYMENTS, ETC. — In the case of a contract, sale, or arrangement described in paragraph (2), (3), or (4) of section 4216(c),
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