Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2015

Sales and Use Tax Annotations

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495.0000 SALE

Annotation 495.0442


495.0442 Rescission. Company A sold equipment to B under a conditional sales contract. Later a dispute arose as to the balance due on the contract. To resolve the controversy, title was transferred to a leasing company which paid A a sum in settlement of the contract balance.

The transaction did not result in a rescission of the original sale and a sale by A to the leasing company. Rather it represented a refinancing of the transaction by B with the proceeds from the refinancing being paid to A in settlement of the disputed balance. 9/16/75.