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 395.1340

(g) "SUBSTANTIALLY ALL THE PROPERTY"—TRANSFER OF

395.1340 Partnership Sale to Corporations. An equal partnership organizes two corporations, the stock in which is also owned equally by the partners. The sale by the partnership of automotive equipment to the corporations not constituting substantially all of the partnership's tangible assets, is not an occasional sale. The subsequent transfer in the following year of all of the remaining assets of the partnership to the corporation results in an exempt occasional sale. 7/23/53.