Oklahoma § 68-1360 - Exemptions - Corporations - Partnerships

§ 68-1360. Exemptions - Corporations - Partnerships

Exemptions - Corporations - Partnerships.

There are hereby specifically exempted from the tax levied in

Section 1350 et seq. of this title:

1. The transfer of tangible personal property, as follows:

a.

from one corporation to another corporation pursuant

to a reorganization. As used in this subparagraph the

term "reorganization" means a statutory merger or

consolidation or the acquisition by a corporation of

substantially all of the properties of another

corporation when the consideration is solely all or a

part of the voting stock of the acquiring corporation,

or of its parent or subsidiary corporation,

b.

between wholly owned subsidiaries of a parent company

and between a parent company and its wholly owned

subsidiary,

c.

in connection with the winding up, dissolution or

liquidation of a corporation only when there is a

distribution in kind to the shareholders of the

property of such corporation,

d.

to a corporation for the purpose of organization of

such corporation where the former owners of the

property transferred are immediately after the

transfer in control of the corporation, and the value

of the stock or securities received by each is

substantially in proportion to the value of such

person's interest in the property transferred by all

the former owners,

e.

to a partnership in the organization of such

partnership if the former owners of the property

transferred are, immediately after the transfer,

members of such partnership and the value of the

interest in the partnership, received by each, is

substantially in proportion to the value of such

person's interest in the property transferred by all

former owners,

Oklahoma Statutes - Title 68. Revenue and Taxation

f.

from a partnership to the members thereof when made in

kind in the dissolution of such partnership,

g.

to a limited liability company in the organization of

the limited liability company if the former owners of

the property transferred are, immediately after the

transfer, members of the limited liability company and

the value of the interest in the limited liability

company received by each is substantially in

proportion to the value of the interest in the

property transferred by all the former owners, and

h.

from a limited liability company to the members

thereof when made in kind in the dissolution of the

limited liability company; and

2. Sale of an interest in tangible personal property to a

partner or other person who after such sale owns a joint interest in

such tangible personal property where the Oklahoma Sales or Use Tax

has previously been paid on such tangible personal property.

Added by Laws 1981, c. 313, § 2, emerg. eff. June 29, 1981. Amended

by Laws 1993, c. 366, § 40, eff. Sept. 1, 1993; Laws 2007, c. 346, §

1, eff. Jan. 1, 2008; Laws 2021, c. 374, § 1, eff. Nov. 1, 2021.