701—213.12 (423) Creditors and trustees. Pursuant to the provisions of any piece of chattel paper or any other document evidencing a creditor’s interest in tangible personal property, the sales price from the sale of tangible personal property at a public auction shall be taxable even if the sale is made by virtue of a court decree of foreclosure by an officer appointed by the court for that purpose.
The tax applies to the sales price of inventory and noninventory goods, provided the owner is in the business of making retail sales of tangible personal property or taxable services. In Re Hubs Repair Shop, Inc., 28 B.R. 858 (Bkrtcy. 1983).
This rule is intended to implement Iowa Code sections 423.2(1) and 423.5(1).