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Experience Austin is not a " controlled-circulation " magazine and that advertisers do not receive title to or possession of it ; ( 2 ) the essence of the transaction was not the sale of the magazine , but rather it was the purchase of a non - taxable service - - the message contained in the advertisement . Upon completion of the merger , A recognized the historical cost of B 's assets using the value of those assets immediately prior to the merger . A copy of the corporation 's Texas Franchise Tax Public Information Report must be sent to each officer or director named in the report and not currently employed by the corporation or by a related corporation . A taxpayer was audited , and the auditor included the taxpayer 's officer and director compensation in its taxable earned surplus for franchise tax . For each well qualifying under this provision , the Railroad Commission will give the Comptroller a copy of a certificate of exemption identifying the well and the operator of the well , stating the date on which the tax exemption takes effect , subject to the Comptroller 's approval of the exemption .