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 395.0835

(d) PART OWNERSHIP, SALE OF

395.0835 Transfer of Limited Partnership Interest. Limited partnership interests are similar to shares of stock in a corporation. A limited partner has no interest in specific partnership property nor has the right to receive (partnership) property, other than money, unless otherwise specified in the partnership agreement. Accordingly, a transfer of a limited partnership interest in a limited partnership that owns a horse is a transfer of intangible personal property and is not subject to sales or use tax. 12/10/86. (Am. 2002–2).