DATE:  October 7, 1965

FROM: Gerald A. Donahue, Tax Commissioner

RE: True value of used car inventories

To achieve uniformity with respect to the assessment of such property, the true value of used cars held for sale, to the extent they represent vehicles accepted as part payment toward the selling price of a new or used car, shall be measured at the value maintained in the books and records of the taxpayer or "N. A. D. A. Official Used Car Guide" average wholesale, whichever is greater. The true value of used cars otherwise acquired shall be measured at cost.

All previous bulletins and memoranda with respect to this subject are herewith rescinded.