A company that makes road construction materials doesn’t owe North Carolina sales tax on transfers of its finished product to affiliated entities, the state business court ruled.
Asphalt Emulsion Industries LLC’s transfers to its parent company and affiliate weren’t negotiated or bargained-for transactions, and it didn’t receive revenue in exchange, North Carolina Business Court Judge Matthew T. Houston ruled Wednesday. As a result, AEI won’t have to pay the Department of Revenue’s $2.56 million sales tax assessment of state and county tax, interest, and penalties for 2015 to 2021.
- AEI sent all of the asphalt emulsion product it made at ...
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