The Bulk Sales Act in a Nutshell

Posted by:

Mary Ann Pidgeon

The purpose of the Bulk Sales Tax Act was to make sure that the taxes associated with the business part of real property have been paid. In 2007, The Bulk Sales Tax was codified and greatly expanded the law to apply to “all transactions in which seller of business assets makes a bulk sale, other than in the ordinary course of business.” The sale of real estate used to support a business is now included. The law also made the purchaser responsible for any of the unpaid tax.

In 2011 the Act was amended to provide that a seasonal rental owned by an individual, estate or trust was exempt provided that “the unit is used or rented for a term of not more than 125 consecutive days for residential purposes by a person having a permanent place of residence elsewhere.”

The Division is seeking to tax a capital gain as well as any sales tax, withholding tax or income tax. Click the link below to continue reading what the statue provides.

The Bulk Sales Act in A NutshellMary Ann PidgeonPidgeon & Pidgeon

  Related Posts
  • No related posts found.