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 395.2340

(k) DISSOLUTION; LIQUIDATION; DISTRIBUTION OF ASSETS

395.2340 Partial Liquidation of Partnership. Where a partial liquidation is in form and reality a liquidation, tax does not apply. For example where partnership desires to liquidate one portion of its business and the assets relating to that portion are distributed free and clear of any liabilities to the partners in accordance with their interest in the partnership assets, the distribution is not subject to tax. 5/7/56.