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This will allow an escrow to be established if the seller has potential tax obligations. (The bulk sale rules also may be applied when property is transferred in ways other than a sale. When a purchaser fails to supply proper bulk sale notification, the purchaser is responsible for any State tax obligations resulting from the sale. The State will reply by sending one or more of the following documents: 15. The New Jersey Tax Court has indicated that the escrow can exceed the purchase price. Is the transfer of real estate that is used for income/business purposes subject to the Bulk Sale Law? If the seller buys, rehabilitates and then sells properties, these sales are not subject to the Bulk Sale Law.The Division can take steps necessary to satisfy the seller’s tax indebtedness including judgment, levy and seizure of assets of the purchaser as well as the seller. How should a purchaser respond to an insufficient notice? Specifically, “a purchaser may assume personal liability for the seller's delinquent taxes in excess of the price he pays for the business assets.” Bunting v. If the sale is not within a business’s ordinary course of business, notification is required. Is the Bulk Sales Notice required for the sale of a one or two family residential rental property?However, the individual or entity that benefits from any credits must obtain a Business Assistance and Incentive Clearance Certificate from the Division of Taxation before the sale, transfer, or assignment of any credits.Please click the link for instructions on applying for the Clearance Certificate.
Articles address current developments, new planning ideas, and topics the media may not have addressed.The bulk sale may generate a capital gain that is subject to income tax. A completed form includes, among other information: The Division of Taxation must receive the C-9600 and a copy of the contract at least (10) business days before the closing date. (See C9600 54kb.) Submit these documents via registered or certified mail to: The Division of Taxation Attn: Bulk Sale Section PO Box 245 Trenton, NJ 08695-0245. If the purchaser cannot obtain the seller’s New Jersey Tax ID number, the purchaser may submit a C-9600 without the number, and the Division will contact the seller to obtain the information. Can the C-9600 and contract be hand-delivered or faxed to the Division? The only delivery options are through registered, certified or overnight mail – or through an express package delivery company such as Fed-Ex or UPS. What if there are no proceeds from the transaction or the proceeds are insufficient to generate the Division’s required escrow amount? Once the Division is assured that all Division tax obligations of the seller have been met, it will issue a clearance letter to the purchaser or his/her agent allowing the purchaser to release the balance of the escrow funds to the seller. It assists the Division and the seller in calculating a more accurate amount of tax due. Is the Asset Transfer Tax Declaration form required for the purchaser’s C-9600 notification to be complete? If completion of the document (designated Form TTD) is required, it should be submitted to the Bulk Sale Section after the Division has assigned a caseworker to the case. Is a short sale of realty subject to bulk sale notification rules?In addition, a business liquidating assets may need to make final payments of sales taxes, withholding taxes, etc. Documents can also be sent by overnight mail, Fed-Ex, or UPS to: The Division of Taxation Attn: Bulk Sale Section. The purchaser must have proof that the notice was delivered to 50 Barrack Street in Trenton. The Division received notification less than 10 business days before closing. It is still the purchaser’s responsibility to hold the escrow as prescribed by the bulk sale section. The escrow may be reduced if the Division caseworker receives additional information that affects the escrow amount. If taxes are not ordinarily due until the following year, are the amounts due in that year included in the escrow amount? The escrow will be calculated to include all taxes that are due and those that would become due as a consequence of the sale. Forms submitted before the receipt of the Bulk Sale Notification will be discarded. If the realty that is being sold, transferred or assigned is used for business/income purposes, it is subject to bulk sale notification rules. If a property goes through a formal foreclosure process, a Sheriff’s Deed (or Marshal’s Deed) is used to transfer assets to a new owner without encumbrances.The latest salvo will be regulations negating discounts on FLPs/LLCs (perhaps only on those not operating an active business) what should you be doing? If discounts are nixed and your estate is under the federal exemption amount, you might do a happy jig! Because the IRS will have done most wealthy, but not ultra-wealthy, taxpayers a favor.You may have created an FLP or LLC to achieve valuation discounts.
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