Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2014
 

Sales and Use Tax Annotations


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395.0000 OCCASIONAL SALES—SALE OF A BUSINESS—BUSINESS REORGANIZATION—Regulation 1595

Annotation 395.1578

(h) OWNERSHIP "SUBSTANTIALLY SIMILAR"—"REAL OR ULTIMATE" OWNERSHIP

395.1578 Community Property. A corporation is owned as community property by a husband and wife, although each hold 50 percent of the stock in his or her own name. On dissolution of the marriage, the husband and wife are each awarded 50 percent of the net assets in the corporation in the property settlement. The distribution of the corporate assets is exempt as a transfer in which the real or ultimate ownership is substantially unchanged. 7/28/94.