701—32.12 (423) Exemption for vehicles previously purchased for rental. The use of motor vehicles subject to registration and previously purchased for rental is exempt from tax if the following circumstances exist:
	  1. 	 The motor vehicle was registered and titled between July 1, 1982, and July 1, 1992, inclusive;
	  2. 	 The motor vehicle was registered and titled to a motor vehicle dealer licensed under Iowa Code chapter 322;
	  3. 	 The motor vehicle was rented to a “user” as that term is defined in Iowa Code section 422C.2 and 701—27.1(422,422C,423);
	  4. 	 The dealer kept the vehicle on the inventory of vehicles for sale at all times;
	  5. 	 The vehicle was to be immediately taken from the user when a buyer was found; and
	  6. 	 The user was aware of this fact.
This rule is intended to implement Iowa Code chapter 423.