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BTLG Table of Contents > Sales and Use Tax Annotations > G > 295.0000 Gross Receipts > Annotation 295.0800

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G

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295.0000 Gross Receipts

Annotation 295.0800

(b) Assumption or Cancellation of Indebtedness

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295.0800 Insolvent Debtor. Where property of an insolvent debtor is sold by an assignee or receiver and the purchaser either assumes the existing balance on a conditional sales contract, or purchases it "subject to" such unpaid balance, the balance due is a part of the consideration for the sale of the property and is subject to sales tax. 6/22/55.