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 395.2190

(k) DISSOLUTION; LIQUIDATION; DISTRIBUTION OF ASSETS

395.2190 Dissolution of Partnership/Joint Venture. Where company A transferred 49% of its interests in various joint ventures to Company B, a wholly owned subsidiary, and the joint-venture agreements did not, prior to the transfer, contain a clause providing that such a transfer would not result in a dissolution of the partnership (Sec. Corp. Code f15031(b)), such transfers caused a dissolution of the joint-ventures with the result that there was a taxable sale of tangible personal property. 12/19/90.