Laws, Regulations & Annotations
Business Taxes Law Guide – Revision 2013
Sales and Use Tax Annotations
395.0000 OCCASIONAL SALES—SALE OF A BUSINESS—BUSINESS REORGANIZATION—Regulation 1595
(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.