Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2013
 

Sales and Use Tax Annotations


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G

295.0000 GROSS RECEIPTS

Annotation 295.0380

(a) GENERAL

295.0380 Option to Buy Coins. When a buyer exercises an option to buy coins, tax applies to the sale since the title of the tangible personal property was transferred to the buyer. Both the price paid for the option right and the price paid to exercise the option are included in the retailer's taxable gross receipts from the sale. If the option is not exercised, the transaction is not taxable, since there is no transfer of title to the property. 5/12/65.