Really FinCEN? golf carts? segways? motorized skateboards?

*bangs head on desk*

http://www.fincen.gov/statutes_regs/guidance/html/FIN-2012-G005.html

FinCEN finds it reasonable to interpret "motor vehicle" as it is commonly defined to mean a "self-propelled vehicle or machine." This definition includes a variety of low-speed vehicles and those that are electric-powered, although they may not be manufactured primarily for use on the public streets, roads, and highways. Accordingly, we find it logical to apply this definition, to the motorized conveyances you list in your letter-motorized wheelchairs, golf carts, low speed vehicles, ATVs, snow mobiles, go-carts, motorized skateboards, dune buggies, race cars, scooters, mopeds, trams, and Segways-making such items "motor vehicles" for purposes of the CTR exemption rules. In addition, the definition applies to the construction and forestry equipment examples you provided, including: back-hoes, forklifts, bull-dozers, skidders, swing machines, harvesters, and loaders.

I like wheel chairs myself.

Interesting. My branches from time to time ask if we can exempt a certain customer who sells snowmobiles, ATVs, etc.- I've always maintained that since those are vehicles, the business is not eligible for exepmtion.

The one thing this guidance doesn't address as it relates to the "sale or purchase of vehicles" is whether or not scrap yards fall into this category. This is another category of business that I've not exempted, since the bulk of their scrap metal purchases are in vehicle form. I've asked multiple examiners this question, and I have yet to receive an answer.

We asked the OCC about scrap yards last year and they told us no because it involves the sale of vehicles.

In the past I did not think that you could exempt them. page 159

It is from 1997

The IRS
will not grant additonal authority for special
exemptions of businesses such as automobile
clubs that offer travelers’ checks for sale, precious
metal or coin dealers, scrap metal dealers,
and gambling operations, whether charitable
or for profit.

http://www.federalreserve.gov/boarddocs/SupManual/bsa/7-00bsaman.pdf

A call to FinCEN might get you a different, more intelligent answer. Scrapyards don't necessarily even involve motorized vehicles...

Auto salvage operations, auto recyclers, junk yards, bone yards; i.e. whatever you might call a business that deals in motorized vehicles, vessels, or aircraft that are no longer operative are eligible for exemption from CTR filing if they meet all other requirements of the regulation. The understanding is that these operations are either "parting" the vehicles out or recycling their raw materials, not in refurbishing and returning them to a functional form.

So sayeth the Helpline. (I promised you a more intelligent answer.)

However, no matter how accurately they are regurgitated here, statements attributed to the Helpline are not binding on the Helpline. If this issue is relevant to your institution, you need to make your own call and put a note in the file, not save this thread to show the examiner...