Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2018

Sales and Use Tax Annotations

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130.0000 BAD DEBTS—Regulation 1642

Annotation 130.0160

130.0160 Foreclosure Proceedings. Where a vendor forecloses for the amount advanced to a purchaser to enable him to buy a house which is relocated from its original site to another location, and the advance included sums to defray sales tax and complete the relocation, and a promissory note is taken for the advance which is secured by a deed of trust on the real property where the house is located, the vendor may take a bad debt deduction to the extent authorized by Regulation 1642. A returned merchandise credit is allowable only where the full sale price (including tax) has been refunded or credited. 10/25/60.