Asset Acquisitions: Things That Make You Go HMMMM … Are You Really Entitled to That Beloved Occasional Sale Exemption?
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This article analyzes the occasional sale exemption with particular emphasis on states that have narrow exemptions, cumbersome or perhaps counterintuitive requirements that must be satisfied in order for the exemption to apply, or do not have an exemption at all for occasional, isolated, or casual sales. Thus, this article centers on those states considered traps for the unwary. In addition, this article examines whether there are valid policy reasons that justify the trap for the unwary states having narrow, cumbersome or counterintuitive requirements, or no occasional sale exemption at all. If valid policy reasons do not exist, then the article will make recommendations as to how the subject state should consider changing its requirements concerning the occasional sale exemption.