Revenue Cabinet v. Corum & Co.

WHITE, Judge.

This is an appeal from the Hopkins Circuit Court wherein the appellee was held to be exempted from an assessment for sales tax on certain sales made by it as a going-out-of-business transaction. The lower court exempted the sales on the ground that same were not “retail sales” in the “regular course of business” and, therefore, were not subject to any tax assessment.

The facts herein are not disputed. Ap-pellee had conducted a coal mining operation for several years. When in 1976 it decided to cease operations, the corporation began selling off its equipment assets to various…