Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2018

Sales and Use Tax Annotations

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415.0000 PERSON

Annotation 415.0100

415.0100 Joint Venture and Partnership with Common Members. Four businesses formed a joint venture to bid and construct an underwater subway tube. After the contract was awarded to the joint venture, the same parties making up the joint venture formed a partnership having as its purpose the ownership of equipment to be chartered to other parties working on the same project. Based on law and facts, the partnership and the joint venture are separate and distinct persons for purposes of Sales Tax Law because they hold separate meetings, file separate returns for property and income taxes and have separate and distinct labor agreements. They are considered separate entities by the Internal Revenue Service and for purposes of Workmens' Compensation insurance premiums. They maintain separate accounting records and books, and use different accounting methods. 10/27/69.