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 395.0980

(e) EXECUTORS AND ADMINISTRATORS, SALES BY

395.0980 Trustee in Bankruptcy. A transfer of the assets of a bankrupt corporation to a third party by a trustee in exchange for the assumption of the indebtedness related to the assets is an exempt occasional sale if the trustee has not made three or more sales within a twelve month period from the bankruptcy proceedings of the corporation. However, the transfer of any vehicles required to be registered with the Department of Motor Vehicles which are included in the transfer are subject to use tax. 5/30/90.