Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2013
 

Sales and Use Tax Annotations


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395.0000 OCCASIONAL SALES—SALE OF A BUSINESS—BUSINESS REORGANIZATION—Regulation 1595

Annotation 395.0081

(a) IN GENERAL

395.0081 Transfer Pursuant to Divorce Property Settlement. A husband and wife each owned 50 percent of a corporation. The divorce property settlement provided that the husband purchase a vessel from the corporation at the current loan balance. He did so by having the purchase made by a corporation which he owned. In this case, community property was not transferred to the husband as his separate property. One corporation sold a vessel to another corporation. This was not an involuntary transfer. It is, therefore, taxable. 11/22/93.