2006 Kentucky Revised Statutes - .070   "Occasional sale."

139.070 "Occasional sale." (1) "Occasional sale" includes: (a)  A sale of property not held or used by a seller in the course of an activity for which he is required to hold a seller's permit, provided such sale is not one (1) of a series of sales sufficient in number, scope, and character to constitute an activity requiring the holding of a seller's permit. In the case of the sale of the entire, or a substantial portion of the nonretail assets of the seller, the number of previous sales of similar assets shall be disregarded in determining whether or not the current sale or sales shall qualify as an occasional sale. (b)  Any transfer of all or substantially all the property held or used by a person in the course of such an activity when after such transfer the real or ultimate ownership of such property is substantially similar to that which existed before such transfer. (2) For the purposes of this section, stockholders, bondholders, partners, or other persons holding an interest in a corporation or other entity are regarded as having the "real or ultimate ownership" of the property of such corporation or other entity. Effective: July 14, 1992 History: Amended 1992 Ky. Acts ch. 361, sec. 6, effective July 14, 1992. -- Created 1960 Ky. Acts ch. 5, Art. I, sec. 6, effective February 5, 1960.