Tax — book-out transactions

Posted January 20, 2023 9:49 AM

Where a party enters into book-out transactions for gasoline, paying forward contracts with no physical transfer of gasoline, such a sale is subject to tax under the Cook County Retail Sale of Gasoline and Diesel Tax Ordinance.The 1st District Appellate Court reversed the decision of Cook County Circuit Judge John J. Curry Jr.Under the Cook County Retail Sale of Gasoline and Diesel Tax Ordinance (Fuel Ordinance) the Cook County Department of Revenue (Department) imposed a total of $29,600,410.66 in fuel taxes and penalties …

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