Laws, Regulations & Annotations
Business Taxes Law Guide – Revision 2015
Sales and Use Tax Annotations
395.0000 OCCASIONAL SALES—SALE OF A BUSINESS—BUSINESS REORGANIZATION—Regulation 1595
(d) PART OWNERSHIP, SALE OF
395.0828 Sale of an Airplane. The members of a flying club own an airplane. One member resigns from the club and relinquishes his interest in the plane to the remaining members. If the resigning member owned an outright interest and received no consideration for his share, no sale would have occurred and no tax would be due. However, if the remaining members pay for the resigning member's share or assume the resigning member's share of indebtedness, a sale subject to use tax would occur. 6/30/81.