Supreme Court of Iowa June 1, 2000, 98-2029 (Holland Bros. Construction Co. v. Iowa State Board of Tax Review)

LAVORATO, Justice.

In this appeal, we must decide which of two casual sales exemption provisions apply to a protester’s auction sale of capital assets of the protester’s road construction business. The agency determined that the exemption provision relating to liquidation sales applied, found that the protester did not meet the requirements of the provision, assessed a tax, and imposed a penalty.