Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 1 of 1
Full-Text Articles in Law
Advertised Value Of Trading Stamps Is Basis For State Sales Tax--Red Head Premium Co. V. Schneider, Michigan Law Review
Advertised Value Of Trading Stamps Is Basis For State Sales Tax--Red Head Premium Co. V. Schneider, Michigan Law Review
Michigan Law Review
Taxpayer, a trading stamp company, indicated in its catalog the number of stamps necessary to acquire various items of merchandise, and advertised in the catalog and on the face of each stamp that when exchanged for these items each stamp had a value of one cent. Consumers could, however, exchange the stamps for cash rather than merchandise at the rate of one mill per stamp. In addition, consumers not holding sufficient stamps to acquire a particular item of merchandise could make up the difference in cash by paying approximately two thirds of the advertised stamp value. Customers dealing strictly on …