Opinion No. 149-76 (1976)

Honorable George E. Murray State Senator, District 26 763 New Ballas Road South Creve Coeur, Missouri 63141

Dear Senator Murray:

This official opinion is in response to your request for a ruling on the following question:

"Does the Director of Revenue have the right or duty to grant a use tax exemption in the case of title transfer of motor vehicles from an individual to a corporation in which he owns 100% of the stock, where the corporation simultaneously assumes liability for the pledged debt on such vehicles but did not receive any stock, cash or other consideration, in a transfer recognized…