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How to use or fill out Verification of Bulk Transfer SMF-8 Verification of Bulk Transfer for the State of New Jersey with DocHub
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Click ‘Get Form’ to open it in the editor.
Begin by filling in the seller's name and FID number in the designated fields. Ensure accuracy as this information is crucial for tax purposes.
Next, enter the buyer's name and FID number. This identifies who is responsible for any tax consequences related to the transaction.
In the transaction section, specify the terminal details, including TCN, product type, BOL number, destination terminal, total gallons transferred, and date of transfer.
If using this form as a blanket form for multiple transactions, check the appropriate box and summarize total gallons without listing individual BOL numbers.
Finally, both parties must sign and date the document to affirm that all information provided is true and complete under penalty of perjury.
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What is the bulk sale section of the state of New Jersey?
The Bulk Sales Act (N.J.S.A. 54:50-38 and N.J.S.A. 54:32B-22(c)) provides the New Jersey Division of Taxation a mechanism to obtain notice of a New Jersey taxpayers sale of business assets out of the ordinary course of business. In turn, it allows the state to collect unpaid taxes from the sales proceeds.
In which of these circumstances does New Jerseys bulk sale Act apply?
New Jerseys bulk sales tax law, N.J.S.A. Section 54:50-38 (the Act), applies to any sale, transfer, or assignment of a persons business assets that is not made in the ordinary course of business.
What is a bulk sale?
How does the NJ Exit Tax work? The law states that New Jersey is to withhold either 8.97 percent of the profit/capital gain you make on the sale of your home or 2 percent of the total sale price: whichever amount is higher.
What does bulk transfer mean?
Definition of bulk transfer A large-scale sale of goods or property from one entity to another How to use bulk transfer in a sentence.
Related Searches
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