Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2018

Sales and Use Tax Annotations

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410.0000 PERMITS—Regulation 1699

Annotation 410.0105


410.0105 Conversion of State Bank to Federally Chartered Bank. When a California Corporation reorganizes into a federally-chartered bank pursuant to sections 5701 to 5708 of the Financial Code, it constitutes a transfer of business pursuant to Regulation 1699(f). While the transfer of assets is not a taxable sale because the transfer occurs by operation of law, the new entity is required to obtain a new seller's permit. 6/12/97.