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Business Taxes Law Guide—Revision 2024
Sales and Use Tax Annotations
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395.0000 Occasional Sales—Sale of a Business—Business Reorganization—Regulation 1595
Annotation 395.0135
(b) Activities Requiring Permit—Property Held or Used In
395.0135 Exempt Sales. A corporation sold all of its assets . Prior to this sale, it had been engaged in making exempt sales of auto parts to the United States Government.
Although the sales to the United States Government had been exempt, the corporation had been required to hold a seller's permit as a result of its auto parts sales activity. There is no requirement that sales preceding the sale of assets must be taxable retail sales. Accordingly, tax applies to the sale of assets by the corporation. 4/12/94.