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 395.1440

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

395.1440 Part of Property or Segment of Business Transferred. A corporation is owned equally by two parties. They agree to separate the operation of the business. To accomplish this purpose the corporation sells to one of the parties certain assets in return for all of the stock of the corporation owned by such party.

The transaction is clearly not an occasional sale within the requirements of section 6006.5(b). All or substantially all of the property of the corporation is not transferred, nor is the real or ultimate ownership of the property substantially similar to that which existed prior to the transfer. 3/16/53.