Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2013
 

Sales and Use Tax Annotations


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395.0000 OCCASIONAL SALES—SALE OF A BUSINESS—BUSINESS REORGANIZATION—Regulation 1595

Annotation 395.2546

(l) SALES BETWEEN PARENT AND SUBSIDIARIES

395.2546 Transfer to a Subsidiary. A corporation transferred less than 80 percent of its assets to a newly formed subsidiary. It received stock in the subsidiary. In addition there was an entry of a note receivable on the books of the parent and an entry of a note payable on the books of the subsidiary. The book entries evidence consideration for the assets. The transfer was therefore a taxable sale, not a contribution to capital. 7/11/94.