eLaws | eCases | Oklahoma Administrative Code | Oklahoma Courts | Counties & Cities of Oklahoma | United States Code |
 Oklahoma Statutes (Last Updated: September 18, 2014)
 Title 68. REVENUE AND TAXATION

  § 68-1360. Exemptions - Corporations - Partnerships.  

Latest version.

  • Exemptions - Corporations - Partnerships.

    There are hereby specifically exempted from the tax levied in this article:

    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.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,

    c.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,

    d.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,

    e.from a partnership to the members thereof when made in kind in the dissolution of such partnership,

    f.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

    g.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.

Laws 1981, c. 313, § 2, emerg. eff. June 29, 1981; Laws 1993, c. 366, § 40, eff. Sept. 1, 1993; Laws 2007, c. 346, § 1, eff. Jan. 1, 2008.