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 395.1820

(i) TRANSFERS AND CONTRIBUTIONS TO NEW CORPORATION OR PARTNERSHIP

395.1820 Commencing Corporation. Transfers of less than 80 percent of total assets will qualify as exempt if the transfers are to a commencing corporation solely in exchange for stock ownership in that corporation. If, in addition to stock, there is consideration received from the corporation, such as notes, cash, or assumption of liabilities, then, to this extent, taxable gross receipts have been received. 12/17/57.