Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2013
 

Sales and Use Tax Annotations


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G

295.0000 GROSS RECEIPTS

Annotation 295.0175

(a) GENERAL

295.0175 Coupons Received in Settlement of Law Suit. In settling a class action case, an association agreed to issue coupons with a face value of $150 which the plaintiffs could use as payment towards a purchase or lease of a vehicle. The coupons may be redeemed at any dealer who is a member of the association. These coupons are in the nature of third party coupons and derive their values from the settlement agreement. It is not a voluntary reduction in price. Additionally, the cost of the redemption is to be shared in whole or in part by the association. The coupons represent taxable gross receipts. 5/16/97.