Laws, Regulations & Annotations
Business Taxes Law Guide – Revision 2014
Sales and Use Tax Annotations
410.0000 PERMITS—Regulation 1699
(a) IN GENERAL
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.