Laserfiche WebLink
(4) Barter or exchange for other tangible personal property, other taxable <br />products, or services. <br />The terms Purchase and Sale do not include <br />(1) A division of partnership assets among the partners according to their <br />interests in the partnership, <br />(2) The transfer of assets of shareholders in the formation or dissolution of <br />professional corporations, if no consideration including, but not limited to, the <br />assumption of a liability is paid for the transfer of assets; <br />(3) The dissolution and the pro rata distnbution of the corporation's assets <br />to its stockholders, if no consideration including, but not limited to, the <br />assumption of a liability is paid for the transfer of assets, <br />(4) A transfer of a partnership or limited liability company interest; <br />(5) The transfer of assets to a commencing or existing partnership or <br />limited liability company, if no consideration including, but not limited to, the <br />assumption of a liability is paid for the transfer of assets, <br />(6) The repossession of personal property by a chattel mortgage holder or <br />foreclosure by a lienholder; <br />(7) The transfer of assets from a parent company to a subsidiary company <br />or companies which are owned at least eighty percent by the parent company, <br />which transfer is solely in exchange for stock or securities of the subsidiary <br />company; <br />(8) The transfer of assets from a subsidiary company or companies which <br />are owned at least eighty percent by the parent company to a parent company or <br />to another subsidiary which is owned at least eighty percent by the parent <br />company, which transfer is solely in exchange for stock or securities of the parent <br />corporation or the subsidiary which received the assets; <br />(9) The transfer of assets between parent and closely held subsidiary <br />compames, or between subsidiary companies closely held by the same parent <br />company, or between companies which are owned by the same shareholders in <br />identical percentage of stock ownership amounts, computed on a share -by -share <br />basis, when a tax imposed by this article was paid by the transferor company at <br />the time it acquired such assets, except to the extent that there is an increase in the <br />fair market value of such assets resulting from the manufactunng, fabricating, or <br />physical changing of the assets by the transferor company. To such an extent any <br />transfer referred to in this paragraph (9) shall constitute a sale For the purposes <br />of this paragraph (9), a closely held subsidiary corporation is one in which the <br />parent company owns stock possessing or membership interest at least eighty <br />percent of the total combined voting power of all classes of stock entitled to vote <br />and owns at least eighty percent of the total number of shares of all other classes <br />of stock <br />48 "Recreation Services" means all services relating to athletic or <br />entertainment participation events and/or activities including but not limited to <br />Ordinance No 1739, Series 2017 <br />Page 10 of 31 <br />