Nev. Rev. Stat. § 374.40 — “Occasional sale” defined

1.  “Occasional sale,” includes:
(a) A sale of property not held or used by a
seller in the course of an activity for which he or she is required to hold a
seller’s permit, provided such sale is not one of a series of sales sufficient
in number, scope and character to constitute an activity requiring the holding
of a seller’s permit.
(b) 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 transfer.
2.  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.