Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2014
 

Sales and Use Tax Annotations


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G

295.0000 GROSS RECEIPTS

Annotation 295.0780

(b) ASSUMPTION OR CANCELLATION OF INDEBTEDNESS

295.0780 Notes—Indebtedness on. Where a taxpayer transfers personal property to another and the transferee assumes the indebtedness on such property and also cancels taxpayer's indebtedness to him on certain notes, both the assumption of indebtedness and the cancellation of taxpayer's notes constitute "gross receipts" and the measure of the tax on the transaction. 12/30/54.