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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 395.1540
(g) "Substantially all the Property"—Transfer of
395.1540 Yacht. The sale by an individual of a ¾ interest in his personal yacht to a joint venture in which he participated as an individual was not an exempt sale even though the individual was the president and majority stockholder of the three corporations that made up the other parties to the joint venture, because the yacht did not comprise substantially all of the assets of a business activity, and after the transfer the real or ultimate ownership was not substantially similar to that which existed prior to the transfer. 8/24/67.