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acquired with the purchase of a business. The tax shall be based on <br /> the price of such property as recorded in the bill of sale or <br /> agreement and constituting a part of the total transaction at the <br /> time of the sale or transfer, provided the valuation is as great as or <br /> greater than the fair market value of such property. Where the <br /> transfer of ownership is a lump sum transaction, the use tax shall <br /> be due on the book value established by the purchaser for income <br /> tax depreciation purposes, or fair market value if no determination <br /> has been made. When a business is taken over in return for the <br /> assumption of outstanding indebtedness owed by former owners, <br /> the tax shall be paid on the fair market value of all taxable tangible <br /> personal property acquired by the purchaser. Such tax shall be <br /> reported on an initial use tax return. <br /> b. New Businesses: Use tax shall be due on the price of all tangible <br /> personal property, except inventory held for lease, rental or resale, <br /> which is purchased for use inside the city. Such tax shall be <br /> reported on the initial use tax return. <br /> c. Cessation of business: Every person engaged in business in the city <br /> who quits doing business in the city shall file a final return. The <br /> reporting period for such return shall end on the last day of <br /> business in the city. <br /> d. Sale or Transfer of Business: In all cases where any of the assets <br /> of any new business are within the city, payment of sales or use tax <br /> based on the bill of sale is required on transfer of title or <br /> possession, or both, of the tangible personal property taxable in <br /> this Chapter, whether involving a retail establishment or any other <br /> type of business enterprise. <br /> 6. MACHINERY AND MOBILE MACHINERY. <br /> 7. MEALS: The tax shall be due upon the cost of food withdrawn from <br /> inventory for meals provided at no charge or at a reduced charge to <br /> employees as a form of compensation. <br /> 8. MEDICAL SUPPLIES: The tax shall be paid on medical supplies <br /> purchased for use by medical and dental practitioners or medical <br /> facilities in providing their services, even though certain of those items <br /> may be packaged for single use by individual patients after which the <br /> item would be discarded. <br /> 9. PAY TELEVISION. <br /> 5 <br />