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BTLG Table of Contents > Sales and Use Tax Annotations > O > 395.0000 Occasional Sales > Annotation 395.1140

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395.0000 Occasional Sales—Sale of a Business—Business Reorganization—Regulation 1595

Annotation 395.1140

(f) Sale of a Business Generally

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395.1140 Escrow Transactions—Time of Sale. An escrow transaction involving the sale of an on-sale liquor business was cancelled and the operation and possession of the business was returned to the owners by the intended purchasers when their application of a transfer of the on-sale liquor license was denied. There was no sale. Since the escrow did not close, there was no transfer of title. The transfer of possession to the intended purchasers was not a transaction where title was retained to secure payment of the purchase price, nor was it a transfer of possession in lieu of a transfer of title. 4/14/58.