Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2014
 

Sales and Use Tax Annotations


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C

200.0000 CREDIT SALES AND REPOSSESSIONS—Regulation 1641

Annotation 200.0180

200.0180 Repossession. A taxable sale occurs where property is delivered to a customer pursuant to a contract which provided for a substantial down payment and the balance in equal installments. It is immaterial that contract was cancelled and property repossessed due to customer's failure to make agreed down payment.

No exclusion from gross receipts may be made because the seller failed to give customer full credit for the sales price upon repossession, having deducted therefrom an amount for damages for breach of contract. 1/27/55.