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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 395.2060
(j) Mergers and Reorganizations
(1) Mergers
395.2060 General. A corporation and its two wholly owned subsidiaries were engaged in activities requiring the holding of seller's permits. The parent company agreed to sell its assets and the assets of its subsidiaries, the agreement providing that the subsidiaries would be merged into the parent prior to the effective date of sale. The merger and the signing of the documents of sale occurred on the same date. The property acquired by merger should be regarded as property held or used by the parent in a taxable activity because the merged corporation had become an integral part of the parent. 7/30/64.