Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2013
 

Sales and Use Tax Annotations


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S

495.0000 SALE

Annotation 495.0730

(d) TRANSFERS BETWEEN RELATED LEGAL ENTITIES

495.0730 Revocable Trust. A truck, a boat, and an airplane are transferred by the sole owner into a revocable living trust. The owner of the assets is sole trustor, trustee and beneficiary and remains solely liable for all encumbrances attached to the assets. In this case, the transfer is not a sale, subject to sales tax, as there is no consideration given for the assets. 7/31/89.