Laws, Regulations & Annotations
Business Taxes Law Guide – Revision 2014
Sales and Use Tax Annotations
295.0000 GROSS RECEIPTS
(d) CONSIDERATION OTHER THAN MONEY
295.1120 "Swap Shop." The retailer's gross receipts from his exchange would be the fair market value of the property received by him. If the parties fix a value in the course of their bargaining, then such price will be deemed the sales price for sales tax purposes, except that any figure which was not arrived at in good faith but rather for the purpose of evading sales tax would not be acceptable. If the parties mention no cash value in the course of their bargaining, then the retailer must make the best estimate possible of the fair market value of the property received. 3/12/52.