Laws, Regulations & Annotations
Business Taxes Law Guide – Revision 2014
Sales and Use Tax Annotations
295.0000 GROSS RECEIPTS
(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.