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Business Taxes Law Guide—Revision 2024
Sales and Use Tax Annotations
A B C D E F G H I J L M N O P R S T U V W X
B
135.0000 Banks And Insurance Companies—Regulation 1567
Annotation 135.0030
135.0030 Bank Credit Bids to Acquire Property. A bank holds a perfected security interest in tangible personal property. Rather than repossessing the property, the bank holds an auction and as a creditor bids-in and acquires the property. The sale to the bank as a purchaser (other than a federally chartered bank exempt from direct taxation) is subject to tax unless the bank establishes that the property was purchased for resale. 9/29/88.