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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 395.1880
(i) Transfers and Contributions to New Corporation or Partnership
395.1880 Commencing Corporation. Assumption of Liabilities Measurable Consideration. Transfer of a corporation's assets to a newly-formed corporation in consideration for the new corporation's stock and the assumption by the new corporation of the parent corporation's liabilities was subject to sales tax because the parent corporation's property transferred to the new corporation was not substantially all the property owned by the parent and because the consideration in the form of liabilities assumed by the new corporation was measurable. 6/5/70.