Laws, Regulations & Annotations
Business Taxes Law Guide – Revision 2014
Sales and Use Tax Annotations
490.0000 RETURNS, DEFECTS AND REPLACEMENTS—Regulation 1655
(a) RETURNED MERCHANDISE
(2) "Full Sale Price"
490.0220 Rescission of Sale. Where, by mutual agreement, a sale of assets is rescinded and assets are returned to seller, the original sale remained taxable by reason of the fact that the seller retained portions of the purchase price. 12/14/53.