Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2014
 

Sales and Use Tax Annotations


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L

330.0000 LEASES OF TANGIBLE PERSONAL PROPERTY—IN GENERAL—Regulation 1660

Annotation 330.3650

(c) CONTINUING SALE AND PURCHASE

330.3650 Lessor/Lessee Merger. A lessor merges with a lessee pursuant to a statutory merger. Upon merger, the lease relationship ends. The surviving corporation will now "use" the equipment. As such, it will be liable for use tax on the property acquired ex-tax, as measured by its original purchase price, with an offset for the amount of taxes paid on the rental receipts of the property. 12/11/86.