Indiana Department of State Revenue v. Belterra Resort Indiana, LLC

I respectfully dissent. I believe the majority adopts a definition of contribution to capital that incorrectly assumes a contribution to capital is for no consideration, and then imports contract law notions of consideration to conclude that Belterra's transfer of this riverboat to its subsidiary was not a contribution to capital.

The sales and use taxes are imposed on "retail transactions," which are defined as "selling at retail." Ind.Code § 6-2.5-4-1(a) (2010). A person is defined as "selling at retail" when:

[I]n the ordinary course of his regularly conducted trade or business, he: (1)…