Laws, Regulations & Annotations
Business Taxes Law Guide – Revision 2015
Sales and Use Tax Annotations
295.0000 GROSS RECEIPTS
(b) ASSUMPTION OR CANCELLATION OF INDEBTEDNESS
295.0800 Insolvent Debtor. Where property of an insolvent debtor is sold by an assignee or receiver and the purchaser either assumes the existing balance on a conditional sales contract, or purchases it "subject to" such unpaid balance, the balance due is a part of the consideration for the sale of the property and is subject to sales tax. 6/22/55.