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BTLG Table of Contents > Sales and Use Tax Annotations > O > 395.0000 Occasional Sales > Annotation 395.1240

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395.0000 Occasional Sales—Sale of a Business—Business Reorganization—Regulation 1595

Annotation 395.1240

(f) Sale of a Business Generally

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395.1240 Restaurant Equipment. A restaurant owner turned over the business premises and equipment to a purchaser pursuant to an agreement of sale. The purchaser operated the business for a period of two years at the end of which period the owner executed a bill of sale to the purchaser for the equipment. Since the equipment was used in an activity requiring a seller's permit and was held for sale in due course from the date the owner relinquished possession to the purchaser until the date the bill of sale was executed, the transfer was not an occasional sale. 8/30/65.