Corporate/Partnership/Limited Liability Corporation (LLC)
Reference: Minn. Stat, § 297B.03
To be exempt from sales tax, transfers to or from a corporation or partnership must be within the meaning of the following Internal Revenue Codes.
- 118 – Contributions to the capital of a corporation.
- 331 – Gain or loss to shareholders in corporate liquidations
- 332 – Complete Liquidations of subsidiaries
- 336 – Gain or loss recognized on property distributed in complete liquidation.
- 337 – Non recognition for property distributed to parent in complete liquidation of subsidiary.
- 338 – Certain stock purchases treated as asset acquisitions.
- 351 – Transfer to corporation controlled by transferor.
- 355 – Distribution of stock and securities of a controlled corporation.
- 368 – Definitions relating to corporate reorganizations.
- 721 – Non recognition of gain or loss on contribution (partnerships).
- 731 – Extent of recognition of gain or loss on distribution (partnerships).
- 1031 – Exchange of property held for productive use or investment.
- 1033 – Involuntary conversions.
- 1563(a) – Affiliated groups.
Record exemption code #4 in the sales tax declaration area of the title or PS2000 and list one of the above IRC.