Nebraska § 77-122 Purchase, defined

Nebraska Statutes

§ 77-122 — Purchase, defined

Nebraska § 77-122

Ch. 77Revenue and Taxation

This text of Nebraska § 77-122 (Purchase, defined) is published on Counsel Stack Legal Research, covering Nebraska primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Neb. Rev. Stat. § 77-122 (2026).

Text

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.

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Legislative History

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).