Statutes, codes, and regulations
Iowa Administrative Code
Agency 701 - REVENUE DEPARTMENTTitle III - SALES, USE, AND EXCISE TAX
Chapter 210 - PURCHASES BY BUSINESSES
Rule 701-210.20 - Sale, transfer or exchange of tangible personal property or taxable enumerated services between affiliated entities

Iowa Admin. Code r. 701-210.20

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Current through Register Vol. 47, No. 11, December 11, 2024
Rule 701-210.20 - Sale, transfer or exchange of tangible personal property or taxable enumerated services between affiliated entities

The sales price of the sale, transfer or exchange of tangible personal property or taxable services among affiliated entities, including but not limited to a parent corporation to a subsidiary corporation, for a consideration is subject to tax. A bookkeeping entry for an "account payable" qualifies as consideration as well as the actual exchange of money or its equivalent.

This rule is intended to implement Iowa Code section 423.1(50).

Iowa Admin. Code r. 701-210.20

ARC 8155C, IAB 7/24/24, effective 8/28/24