Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2013
 

Sales and Use Tax Annotations


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O

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

Annotation 395.0093

(a) IN GENERAL

395.0093 Joint Ventures. Three firms form three separate joint ventures with the following composition:

Joint Ventures A B C
Joint Venture #1 40% 35% 25%
Joint Venture #2 40% 35% 25%
Joint Venture #3 59% 39.5% 1.5%

Each joint venture is treated as a separate entity for sales tax purposes. Accordingly, sales of assets between joint ventures are subject to tax. Transfers of assets to an individual joint venturer by the joint venture prior to 80% completion of the joint venture project are subject to tax. A sale by a joint venturer of its interest in the joint venture to the other members is subject to tax measured by the tangible personal property transferred if the joint venturer is a retailer in its own right. 10/27/82.