When buying the assets of a business, some are subject to sales or use tax, while others are not. Items subject to retail sales tax.Consider all costs at time of acquisition or construction. Use tax is the tax which is assessed on the use of any tangible personal property in Washington, on which retail sales or use tax has not already been paid. An NRNC of the United States is subject to gift and GST taxes for gifts of tangible property situated in the United States. See section 2501(a). The certification of origin may cover a single entry or multiple entries in a period not to exceed 12 months. A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price. The election provides for no GST (or HST in the HST provinces) to be payable in respect of the purchase and sale of the assets and reduces the cash. Form. 706 is also used to figure the generation-skipping transfer.