Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2014
 

Sales and Use Tax Annotations


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395.0000 OCCASIONAL SALES—SALE OF A BUSINESS—BUSINESS REORGANIZATION—Regulation 1595

Annotation 395.0275

(b) ACTIVITIES REQUIRING PERMIT—PROPERTY HELD OR USED IN

395.0275 Occasional Sale—Wholesaler of Prescription Drugs. The sale of assets of a business who sells only prescription drugs, are not exempt from tax on the basis that the property sold is "of a kind" which is not taxable when sold at retail. Prescription drugs are not property "of a kind" always exempt from tax. The exemption depends in part on the condition of sale and not exclusively on the nature of the property. 1/11/91.