Telluride Resort & Spa, L.P. v. Colorado Department of Revenue

Opinion by

Judge ROY.

In this sales tax matter, the Colorado Department of Revenue (Department) appeals the trial court's judgment directing the refund of state and county sales tax and interest to Telluride Resort and Spa, LP., a Delaware limited partnership (Telluride). We reverse.

In August 1990, Telluride Doral Resort and Spa Associates, L.P., (Doral) was, through a series of promissory notes secured by a series of deeds of trust, indebted to Sumitomo Trust & Banking Company, Ltd. (Sumitomo) for the principal amount of approximately $74 million. At the time of the final advance, Doral…