Colorado § 39-29-113 - Exemption prohibited - when.
Full text of Colorado Colorado Revised Statutes § 39-29-113 — Exemption prohibited - when., with citation guidance and answers to common questions.
§ 39-29-113. Exemption prohibited - when.
(1) If any person likely to be liable for taxes imposed pursuant to the provisions of this article transfers all or part of his property to another person controlled, directly or indirectly, by the transferor before or after the transfer, the executive director may disallow to the transferee any exemption from tax otherwise authorized pursuant to this article unless such transferee establishes by a clear preponderance of the evidence that the securing of such an exemption was not a major purpose of such transfer.
(2) As used in this section, "control" means:
(a) The ownership, directly or indirectly, of more than fifty percent of the voting stock of the transferee corporation; or
(b) With respect to a transferee other than a corporation, that the transferor owns, during any part of the transferee's taxable year, a greater economic interest than any other owner of the transferee.
Source: L. 77: Entire article added, p. 1851, § 1, effective January 1, 1978.
Frequently Asked Questions About Colorado § 39-29-113
What does Colorado Revised Statutes § 39-29-113 cover?
Section 39-29-113 ("Exemption prohibited - when.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 39-29-113?
A common citation format is "Colorado Revised Statutes § 39-29-113" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 39-29-113 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.