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 395.2460

(k) DISSOLUTION; LIQUIDATION; DISTRIBUTION OF ASSETS

395.2460 Sole Shareholder. Where a corporation did not agree to sell its assets and had no agreement whatsoever with the ultimate purchaser, a liquidation distribution by it to the sole shareholder, followed by a sale of such assets from such shareholder to a new purchaser, constitutes an exempt distribution and an exempt occasional sale. 12/28/53.