Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2018

Sales and Use Tax Annotations

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115.0000 AUCTIONEERS—Regulation 1565

Annotation 115.0060

115.0060 Partner Buys Back. A partnership sold several horses through an auctioneer. The horses were purchased by one of the partners who had a one third interest in the partnership.

In this case, the partnership owned the horses which were sold at auction, and assigned the right to sell them to the auctioneer. An individual purchased the horses which had previously belonged to the partnership. Therefore, there was a change of ownership, and sales tax is owed on the entire sales price, not on just two thirds. 1/7/94.