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 395.1420

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

395.1420 Part of Property or Segment of Business Transferred. A corporation operating five separate stores created four new corporations and one branch was sold to each corporation. While the sole shareholders in the new corporations were also in control of the original corporation, the fact that all or substantially all of the assets were not transferred, but on the contrary the main office and store was retained by the seller, prevents the sales from qualifying as "occasional" sales. 12/9/53.