Iowa Admin. Code r. 701—210.20(423) — Sale, transfer or exchange of tangible personal property or taxable enumerated services between affiliated entities

The sales price of the sale, transfer or exchange of tangible personal property or taxable services among affiliated entities, including but not limited to a parent corporation to a subsidiary corporation, for a consideration is subject to tax. A bookkeeping entry for an “account payable” qualifies as consideration as well as the actual exchange of money or its equivalent.