Sales to National Banks and Other Financial Institutions (Rescinded January 30, 2011)

AUTHORITY: section 144.270, RSMo 1994. This rule was previously filed as rule no. 12 Jan. 22, 1973, effective Feb. 1, 1973. S.T. regulation 030-9 was last filed Dec. 31, 1975, effective Jan. 10, 1976. Refiled March 30, 1976. Amended: Filed Sept. 7, 1984, effective Jan. 12, 1985. Rescinded: Filed July 30, 2010, effective Jan. 30, 2011. In Farm and Home Savings Association v. Spradling, 538 SW2d 313 (1976) the court held sales tax is a tax upon gross receipts of the seller, not the purchaser. Consequently, exemption provisions of the “tax in lieu of other taxes” statute did not exempt the association from payment of sales tax because it was the purchaser, not the seller. Had the legislature intended to exempt savings and loan associations as purchasers from use tax, it would have declared the intent in the act itself or specifically so provided in the exemption statute applicable to savings and loan associations.