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Business Taxes Law Guide—Revision 2024

Sales and Use Tax Annotations


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S


495.0000 Sale

Annotation 495.0442

(a) In General—Definition


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.