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Business Taxes Law Guide—Revision 2024
Sales and Use Tax Annotations
A B C D E F G H I J L M N O P R S T U V W X
S
495.0000 Sale
Annotation 495.0460
(a) In General—Definition
495.0460 Seller Becoming a Limited Partner in Purchaser's Operation. Where the seller of a business as security for the payment of the purchase price enters into an agreement with the purchaser whereby the seller becomes a limited partner in the new operation, the transaction may be a taxable sale under either subsection (a) or subsection (e) of section 6006.
There has been a transfer of title or possession of tangible personal property for a consideration, and the seller retains title to some portion of the assets as security for payment of the purchase price. 10/15/53.