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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 395.1924
(i) Transfers and Contributions to New Corporation or Partnership
395.1924 Joint Venture. Two parties participated in performing construction contracts. They were found not to have formed a joint venture because:
(1) There was no formal joint venture agreement.
(2) The parties did not share profits and losses.
(3) The accounting entries were not consistent with the existence of a joint venture.
(4) Only one of the two parties actually entered into a contract with the general contractor.
(5) The participation of one of the parties was limited to providing materials.
(6) One party was created to carry on a particular activity rather than for the purpose of engaging in a joint venture. 3/30/76.