Laws, Regulations & Annotations
Business Taxes Law Guide – Revision 2014
Sales and Use Tax Annotations
395.0000 OCCASIONAL SALES—SALE OF A BUSINESS—BUSINESS REORGANIZATION—Regulation 1595
(g) "SUBSTANTIALLY ALL THE PROPERTY"—TRANSFER OF
395.1258 Evidence of Consideration. When intercompany debits and credits are recorded in the books (of account) in connection with the intercompany transfer of fixed assets, such book entries are sufficient evidence to support a finding that assets were transferred for consideration. Accordingly, the intercompany debits and credits represent the sales price of the property purchased and the (gross) receipts from the sale of the assets and are subject to tax. 4/28/93.