Laws, Regulations & Annotations
Business Taxes Law Guide – Revision 2014
Sales and Use Tax Annotations
415.0060 Corporations. Two corporations with the same officers and stock ownership, one engaged in selling building materials and the other engaged in business as a construction contractor derive financial benefits from transactions between themselves. Inasmuch as they have not agreed to conduct a single business enterprise jointly they have no community of interest nor do they share profits and losses from a single joint enterprise, they are separate "persons" and not a joint venture. Accordingly, transfers of building materials by one corporation to the other are taxable retail sales. 9/14/67.