Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2018

Sales and Use Tax Annotations

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535.0000 SUCCESSOR'S LIABILITY—Regulation 1702

Annotation 535.0056

535.0056 Partnership. Where a sole proprietor contributes his business assets to a commencing partnership and another person contributes cash and assets to the partnership, the formation of the partnership is not the result of a purchase of the proprietor's business. Consequently, the person contributing cash and assets is not a successor with respect to sales tax liability subsequently disclosed which pertained to the operation of the proprietor prior to the formation of the partnership. 2/23/72.