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BTLG Table of Contents > Sales and Use Tax Annotations > S > 535.0000 Successor's Liability > Annotation 535.0012

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535.0000 Successor's Liability—Regulation 1702

Annotation 535.0012

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535.0012 Cancellation of Seller's Indebtedness. The cancellation of the seller's indebtedness is a form of purchase price sufficient to impose a duty to withhold on the successor. When the only consideration the purchaser gives is the cancellation of the seller's indebtedness, the purchaser may deny the seller the cancellation of the indebtedness and thereby make such consideration available to the state to satisfy the seller's tax liability. 2/28/85.