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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 395.1740
(h) Ownership "Substantially Similar"—"Real or Ultimate" Ownership
395.1740 Single Sale to Several Entities. When substantially all the assets of a corporation held or used in an activity requiring a seller's permit are transferred simultaneously to two or more subsidiary corporations, each of which are wholly owned by the transferor, or the transferor owns at least 80 percent of the stock in each of the subsidiaries, the transaction qualifies as an exempt occasional sale. 5/12/66.