68 IAC 15-5-1.5 Transfer of ownership

Sec. 1.5. When a controlling interest, as determined by the commission, in an existing owner's license or operating agent contract is purchased or otherwise acquired from a licensed owner or operating agent, the subsequent licensed owner or operating agent must pay a wagering tax in accordance with IC 4-33-13-1.5 at a graduated tax rate to be calculated based upon the cumulative adjusted gross receipts received by both the: (1) previous licensed owner or operating agent; and (2) subsequent licensed owner or operating agent; during the entire fiscal year, as defined in IC 4-1-1-1, in which the transaction occurred.