Opinion handed down November 4, 2008
Link to Mo. Sup. Ct. Opinion
The "taken in trade" provision of Missouri tax law exempts a party from a sale or use tax on a newly acquired asset up to the value of the traded-in asset. In a case of first impression, the Supreme Court of Missouri strictly construed the exemption and held that a transaction by Great Southern Bank did not qualify as a tax-exempt trade because it was a mere legal fiction created to minimize taxation.
