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Is Business Exempt from CTR?

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Can an auto salvage yard/dealer be exempt from a CTR?

A business that receives more than 50% of its gross revenues from any combination of the business transactions listed in section 103.21(d)(5)(viii) cannot be exempted. I don't equate dealing in auto salvage parts with the sale of motor vehicles (one of the forbidden lines of business). To the extent that the the business in question may occasionally sell a vehicle, if you can document that the business doesn't get the majority of its revenue from businesses listed in that paragraph, and if the business is otherwise eligible for an exemption (duration of deposit account relationship, legally operating the business, etc.), you may exempt it.

First published on 10/18/10

First published on 10/18/2010

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