(ii) on organization of a corporation or joint-stock company, to the corporation or
company principally in consideration for the issuance of its stock;
(iii) to a partnership only as a contribution to its capital or in consideration for
a partnership interest in the partnership; or
(iv) to a limited liability company only as a capital contribution or in consideration
for an interest in the limited liability company.
(2) For a transfer that would qualify as a casual and isolated sale under subsection
(a) of this section if the sale price limitation were disregarded, the amount of liability
transferred to or assumed by a corporation, joint-stock company, partnership, or limited
liability company shall be excluded from the consideration transferred by the corporation,
joint-stock company, partnership, or limited liability company in exchange for the
tangible personal property to determine whether the transfer is made:
(i) principally in consideration for the issuance of stock of a corporation or joint-stock
(ii) only as a contribution to the capital of a partnership or in consideration for
a partnership interest; or
(iii) only as a capital contribution to a limited liability company or in consideration
for an interest in a limited liability company.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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