77-122. Purchase, defined.

Purchase shall include taking by sale, discount, negotiation, or any other transaction for value creating an interest in property except liens. Purchase shall not include transfers for stock or other ownership interests upon creation, dissolution, or any other tax-free reorganization for income tax purposes of any corporation, partnership, limited liability company, trust, or other entity.

Source:Laws 1992, LB 1063, § 51; Laws 1992, Second Spec. Sess., LB 1, § 49; Laws 1993, LB 121, § 493.

Annotations

The step transaction doctrine can be applied to determine if the transaction at issue is a purchase under this section. Mid City Bank, Inc. v. Douglas Cty. Bd. of Equal., 260 Neb. 282, 616 N.W.2d 341 (2000).