S corp liquidating dividend


02-Apr-2019 13:03

Since the business operations include selling the merchandise they design and manufacture, the business would be required to hold a seller's permit.Since the furniture and equipment is used in the business operations that require the holding of a seller's permit, the sale would not qualify as an occasional sale. Under general law, the term "transfer" relates to a transfer from one person to another and not to a transfer of some lesser interest, such as a bailment for hire.It was because customers did not wish to buy hardware from taxpayer during that period.

Assuming the transfer from Lessor to Newco was a sale (e.g., if Newco assumed liabilities in the transfer), that sale would be an exempt occasional sale because Lessor did not use the property in a business requiring a seller's permit and made no other sales in any 12-month period.The equipment was transferred subject to the ongoing leases to Parent.



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