shell asked:
We carried the loan on a business we sold. We are in the process of taking the business back due to non payment for 6 months. We are doing a bulk sale transfer. Do you think we should have to pay sales tax again? No money is exchanging, it is a repossession.
We carried the loan on a business we sold. We are in the process of taking the business back due to non payment for 6 months. We are doing a bulk sale transfer. Do you think we should have to pay sales tax again? No money is exchanging, it is a repossession.
No. You are taking back your own assets due to non-payment of the loan.
As a business, the only sales tax you pay is the sales tax you collect when you sell taxable goods – you really aren’t paying the tax, you’re just the middleman for the taxing authority.