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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 395.2040
(i) Transfers and Contributions to New Corporation or Partnership
395.2040 Transfer of a Portion of Partnership Assets to a New Partnership. Partnership consisted of three partners holding equal interests therein. Two of said partners form a new partnership and certain assets, including tangible personal property of the old partnership, are transferred to the new partnership. This does not constitute an occasional sale. The transfer did not include all or substantially all of the property held or used by the first partnership, nor was the real or ultimate ownership of the property substantially the same after the transfer. 7/23/53.