Asset Liquidation Sales and Inventory Resales Not Taxable in Missouri

Thursday, April 14th, 2016

 
 
A store closing sign.
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Missouri
General

The Missouri Department of Revenue released a letter ruling explaining that sales tax does not apply to the liquidation of a company's fertilizer production business.

The company was selling inventory, machinery, and other assets because it was closing down its fertilizer production facility. The company had no plans to continue in the fertilizer business.

The sale of the company's inventory was not taxable as long as the buyer was purchasing it for resale.

In addition, the sale of the company's machinery and other assets were not taxable because Missouri does not tax assets that a company sells when it is going out of business.

http://dor.mo.gov/rulings/show.php?num=7397


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TTR has a website that companies subscribe to and use daily. This website provides a list of everything that can be bought or sold in the U.S. It provides simple answers to whether buying or selling these items is taxable (subject to a sales tax or other tax), and it provides all the legal authority to support these tax answers.

TTR likes to keep things simple and fun, which is why it has great people who provide help to clients on any support questions they have about transaction tax issues.

Please visit TTR on the web at www.ttrus.com or call 866.578.8193.

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