Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2013
 

Sales and Use Tax Annotations


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S

495.0000 SALE

Annotation 495.0713

(d) TRANSFERS BETWEEN RELATED LEGAL ENTITIES

495.0713 Assumption of Liabilities—Joint Liability. Assets were transferred to a wholly owned subsidiary in exchange for first issue stock and the assumption of liabilities. The transferor corporation remained jointly liable for the liabilities. The assumption of liabilities by the transferee corporation is consideration notwithstanding the transferor's joint liabilities. The transferee conferred a benefit on the transferor and, thus, provided the consideration requirements for a sale. 1/21/93.