§ 9742. Transactions not covered

This chapter shall not cover the following transactions:

(1) [Repealed.]

(2) The transfer of tangible personal property to a corporation solely in consideration for the issuance of its stock, pursuant to a merger or consolidation effected under the laws of Vermont or any other jurisdiction.

(3) The distribution of property by a corporation to its stockholders as a liquidating dividend.

(4) The distribution of property by a partnership to its partners in whole or partial liquidation.

(5) The transfer of property to a corporation upon its organization in consideration for the issuance of its stock.

(6) The contribution of property to a partnership in consideration for a partnership interest therein.

(7) The sale of tangible personal property where the purpose of the vendee is to hold the thing transferred as security for the performance of an obligation of the vendor.

(8) The sawing of lumber owned by the person requesting the sawing or his agent is not a "fabrication" within the meaning of subdivision 9771(3) of this title.

(9) The use of waste wood for fuel by a manufacturer in its business, where the waste wood resulted from the manufacturing operations of the manufacturer, and where such wood was purchased by the manufacturer under a claim of the manufacturing exemption provided by subdivision 9741(14) of this title or was grown by such manufacturer; and the giving away without charge of such waste wood by such manufacturer.

(10) The sale of telecommunications service to an affiliate of the telecommunications provider. (Added 1969, No. 144, § 1, eff. June 1, 1969; amended 1971, No. 73, § 50, eff. April 16, 1971; 1977, No. 86, § 7; 1983, No. 111 (Adj. Sess.), eff. Feb. 24, 1984; 1997, No. 60, § 80, eff. Sept. 1, 1997.)