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(a) “Occasional sale” includes:

(1) 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 of the series of sales sufficient in number, scope and character to constitute an activity requiring the holding of a seller’s permit.

(2) 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 transfers.

(b) 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.

Comment: This section was approved by Tribal Council Resolution No. 92-011, dated March 10, 1992, and ratified and codified as Title 12 by Tribal Council Resolution No. 94-023, dated July 12, 1994. All of Title 12, Sales and Use Tax Act, was removed to be inserted into existing Title 11, Taxation, pursuant to Tribal Council Resolution No. 95-____, dated ________, 1995.

[Res. 95, 1995; Res. 94-023, 1994; Res. 92-011, 1992. Prior Code § 11-20-035.]