Fillable Printable Assets Transfer Tax Declaration - New Jersey
Fillable Printable Assets Transfer Tax Declaration - New Jersey
Assets Transfer Tax Declaration - New Jersey
ASSET TRANSFER
TAX DECLARATION
P.L 2007, Chapter 100 (A5002)
N.J.S.A. 54:50-38
New Jersey Division of Taxation
Bulk Transfers
Box 245
Trenton NJ 08695-0245
Form TTD
This formmay be reproduced
(Please print or type)
Party Information
Seller’s Name: ________________________________ Seller’s FID/EIN_______________________
Purchaser’s Name: ____________________________ ACTUALDate of Sale _________________
Business Type(check one)
S-Corporation * [ ] Partnership *[ ] LLC *[ ] Corpor ation [ ] Proprietor [ ] State of Formation ____
Returntypefiledto reportgain: CBT[ ] PART [ ]NJ1040/1041[ ]NJ1040NR [ ]TIN __________________
*If a gain isdeclared (Line 9), eachintended K-1 recipient must complete a declar ation. Number of K-1s: []
RealtyLocation(if applicable)
Block(s)[]Lot(s)[]
Street Address[]
City
[]
State
[]
Zip
[]
Calculatio n of Estimated Tax(to near est dollar)
See reverse side fo r specific line instructions.
1. Consi deration / SellingPrice1.$
___,___,___.
2. Settlement Charges(Not t o inc lude M ort ga ge/Loan payoff s ) 2.$
___,___,___.
3. CostAfter Depreciation 3.$
___,___,___.
4. Current Year Loss4.$
___,___,___.
5. NOL Carryover (if allowable)5.$
___,___,___.
6. IRC Secti on 1031 Exchange (if applicable)6.$
___,___,___.
7. Gain (subtract lines 2through 6fr omline 1 )7. $
___,___,___.
8. Amount of Gain Defer r ed (ifapplicable)8. $
___,___,___.
9. Current Year Gain (su bt ract line 8from li ne 7)9. $
___,___,___.
10. _____ % Share o f Gainif K-1 (m ult iply line 9 by perc ent age)
10. $
___,___,___.
11. Tax Ratefrom NJ-1040 Schedule (not effective rate)
11.
%
_ _._ _
12. Estimated Tax on Gain Due (line 10multiplied by line 11) 12. $
___,___,___.
Willthere be installmentproceeds? Yes [ ] No [ ](i f yes, give detailson revers e sid e.)
Taxpayer’sDeclaration
I declare that all the information on this declaration is correct. I am aware that if any of the foregoing informationprovided by me is
knowingly
false, I am subject to punishment.
Date ____________________ Owner/Partner/MemberS ig nat ure ____ _____ ____ ____ ____ __________________________________
Print ______________________________________________________________________________
T it le ____ ____ ____ __________________________________________________________________
(Rev 04-13 1.3.0)
N. J.S.A. 54:50-38instructs t he D irector, Division of Taxation, t o notify the pur chaser , transferee
or assignee of bu siness assets of any pos sible claim f or State taxes. This directive includes all
final business tax returns and payment.
Procedure
The estimated tax on the gainportion
of the escrow to be held at closing is initiallycalculatedby
multiplyingt he gross consideration by the tax rate of the taxpayer.
Upon co m pletion of this declaration, submission t o and re view by the Division, the estimated tax
on the gainportionof the escr owmaybe r educ edappropriately.
Uponclosing of the t ransa ction, the escr owwil l be held by the transferee’s attorneyand the
estimated tax on t he gainportion
of the escr ow wi ll be demanded by the D ivision to be applied to
t he appropriate tax type and year. A confirmation of receipt and the application of the estimated
tax paymentwill be sent to the transferor’ s attorney.
The taxpayerfiles their year endbusiness tax return, claims credit for the payment and pay s any
addit ional tax due.They may requ est a refund or credit ifan overpaymentexists.
Specific LineInstructionsfor Estim ated Tax Calculation
Special Note:Lines 1 through 9 est ablish gain. Line 10assigns share .
Li ne 1:Total sale price orconsider ation of all asset s currently being transferred.
Li ne 2:Total amount of sett lement charges to transferor asso ciated with thistransaction.
Line 3: If full y depreciated enter zero.
Li ne 8: C alculate amount deferred ba sed on inst allment or sh ort term notes.
Li ne 9:For N J106 5 filers:I f any me mber/p artner is notan individualorif t he number of
nonr esident m ember/partners excee ds five (5) st op hereand att ach the most current
membership directory. The Division will calculate and communicat e the e stimated t ax
f or resident filers and/or withholding amo unt for nonresident filer s.
Li ne 11:I ndividual taxrates may be found in t he most current NJ -1040 instructions.
Corpor ate tax rate 6.5% ($1-$50, 000), 7.5% ($50,001-$100,000) or 9% ( above
$100,000).
Li ne 12:
•
C-Corporation - use the greaterof declar ed tax or minimumtax.($500, $750, $1,00 0,
$1, 500 or $2,000 based on NJ GrossReceipts.)
•
S-Corporation - minimum t ax applies inadditionto any tax on gain.
This is the declared amountthat the Division will demand fromescrowto be applied to the
t axpay er’s account(s).
Detailso f In st all ment pro ceeds:
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