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 395.1620

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

395.1620 Limited Partnership. Sales of assets from sole proprietorship to a limited partnership constitutes a change in the real or ultimate ownership of the business for purpose of applying the "occasional sale" rule, since the limited partner has substantial rights in the business. 8/7/63.