IL Auctioneer Practice Questions - Illinois Licensed Auctioneer Exam

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Under Illinois law, what is the auctioneer's responsibility regarding Illinois state and local sales tax collection at auctions?

The buyer is solely responsible for reporting and paying sales tax The auctioneer must collect applicable sales tax at the point of sale and remit it to the Illinois Department of Revenue Sales tax does not apply to auction sales in Illinois Only the seller is responsible for sales tax

Correct Answer:

The auctioneer must collect applicable sales tax at the point of sale and remit it to the Illinois Department of Revenue

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