Is the conveyance of a single family home that has been used solely as a primary residence lived in by the seller, subject to the bulk sale statute?
No. A single family home used as a primary residence, not used for business, including rental income purposes, is not considered a business asset. 58. Q. If the seller is a tax-exempt or non-profit organization, including but not limited to a church/synagogue/temple/mosque, is selling its real property and/or personal property not in the ordinary course of business, does the purchaser have to file a C-9600 form with the Division? A. Yes. Even though the seller may be exempt from certain tax liabilities, it may still have certain tax obligations such as employee tax withholdings or sales tax obligations if, for example, it operates an on-site gift shop that is in competition with local businesses, or purchases items not used for organization purposes. MISCELLANEOUS: 59. Q. In a bulk sale transaction, if taxes are not payable until tax returns are filed the following year, does the seller still have to pay them out of the escrow held by the buyer, irrespective of when payment is actually
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