Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2014
 

Sales and Use Tax Annotations


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G

295.0000 GROSS RECEIPTS

Annotation 295.0210

(a) GENERAL

295.0210 Damages. The stated contract price for the sale of tangible personal property is the measure for establishing sales or use tax despite the existence of a liquidated damages clause in the sales contract for breach of various terms contained in the agreement. An award made by the seller to the purchaser for breach of contract by the seller based upon a liquidated damages clause in the contract has no effect on the sales price, itself. 7/30/76. (Am. 2004–2).