Laws, Regulations & Annotations
Business Taxes Law Guide – Revision 2013
Sales and Use Tax Annotations
A B C D E F G H I J L M N O P R S T U V W X
G
295.0000 GROSS RECEIPTS
Annotation 295.0820
(b) ASSUMPTION OR CANCELLATION OF INDEBTEDNESS
295.0820 Liabilities. In a sale of a business whereby the purchaser assumes outstanding obligations of the seller, such obligations constitute a part of the taxable gross receipts. In such a transaction no set off of unpaid open accounts is allowable. 11/24/53.