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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
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330.0000 Leases of Tangible Personal Property—In General—Regulation 1660
Annotation 330.2940
(a) In General
330.2940 Tax-Paid Acquisition—Subsequent Statutory Merger. Property upon which a corporation has made a timely payment of sales tax reimbursement or use tax measured by the purchase price, thereby qualifying the rental of the property in its purchased form for exclusion from classification as a leasing sale, retains its exempt status when the corporation is merged with another corporation in the manner prescribed for a statutory merger under California law. By operation of law, the existence of the merged corporation is continued as a part of the surviving corporation with all of the rights and obligations which it previously held. 8/14/69.