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 395.1000

(f) SALE OF A BUSINESS GENERALLY

395.1000 Allocation of Receipts. A contract for the sale of a business provided for a specific allocation of the selling price to the various assets of the business. An amendment to the contract ascribing a greater value to "good will," and a lesser value to the tangible personal property, was executed after title passed to the purchaser. Since there was no evidence that the revaluation of "good will" was more reasonable than the original valuation and no consideration was given for the revaluation, sales tax was applicable with respect to the tangible personal property according to the allocation in the contract prior to amendment. 12/23/65