Laws, Regulations & Annotations
Business Taxes Law Guide – Revision 2016
Sales and Use Tax Annotations
295.0000 GROSS RECEIPTS
(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.