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BTLG Table of Contents > Sales and Use Tax Annotations > L > 330.0000 Leases Of Tangible Personal Property—In General > Annotation 330.4173

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330.0000 Leases of Tangible Personal Property—In General—Regulation 1660

Annotation 330.4173

(d) "Substantial Change in Form"

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330.4173 Tax—Paid Acquisition by Subsequently Dissolved Corporation.
An individual purchased the common stock of a corporation. The corporation owned real property and tax-paid personal property. The new owner dissolved the corporation and subsequently leased the real and personal property to another person.

The transfer of tangible personal property from the corporation to the new owner was an exempt occasional sale because substantially all of the assets were transferred and the ownership was substantially similar after the transfer. Since the tangible personal property which the new owner leased was leased in substantially the same form as acquired and was tax-paid in the hands of the transferor (the corporation), tax is not due on rental receipts. 7/24/81.