Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2013
 

Sales and Use Tax Annotations


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G

295.0000 GROSS RECEIPTS

Annotation 295.0760

(b) ASSUMPTION OR CANCELLATION OF INDEBTEDNESS

295.0760 Balance on Conditional Sales Contract. When a person who is a "seller" and who is purchasing equipment under a conditional sale contract exchanges the equipment for an interest in a house, sales tax applies to the receipts from the sale and the receipts consist of the value of the interest in the house plus the assumption by the buyer of the balance owing on the conditional sales contract. 5/7/54.