AU-196.10 PDF

What is a bulk sale? The sale, transfer, or assignment of business assets, in whole or in part, by a person required to collect sales tax is called a bulk sale. Business assets means any assets directly related to the conduct of a business, including: tangible personal property, real property, and intangible assets, such as goodwill. However, sales of assets made in the ordinary course of business, such as retail sales to customers, are not considered bulk sales.

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This article addresses those requirements. Similarly, a person who acquires such assets may unknowingly become liable for unpaid sales and use taxes unless specific precautions are taken before the sale is completed. Business assets can include anything directly related to the conduct of a business, including tangible personal property, real property, and intangible assets such as goodwill.

Its fixtures and equipment are sold to an affiliated restaurant within the same ownership group. Procedures and Notification Filing a bulk sale notification with the DTF is not mandatory, and there is no statutory requirement for purchasers to follow the relevant procedures. In many instances, however, a bulk sale notification will be advantageous. Advisors of companies engaging in or considering such purchases should evaluate the details and exigencies of the sale and the requirements of all involved parties to make this determination.

Therefore, the tax is limited to the acquired tangible personal property that is not sold for resale; that is, items not sold in the normal course of business see 20 NYCRR section Furthermore, real property and intangible personal property, such as goodwill, are not subject to the tax. If the transaction meets the definition of a bulk sale and a sales and use tax liability is likely, a purchaser may not pay the seller without following the bulk sale notification procedures promulgated by the DTF.

Otherwise, a purchaser may be held liable for any unpaid or outstanding sales and use taxes owed by the seller, and the DTF may claim a first priority right and lien on the property sold.

The form must be sent via registered mail. A purchaser must also be aware of timing when mailing form AU Within five business days after receiving Form AU A purchaser who receives Form AU Within 90 days of receipt of Form AU Upon receipt of Form AU Use Due Diligence Whenever material quantities of assets are acquired from a person or business entity, the acquirer must exercise due diligence to avoid assuming unknown liabilities in the process.

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Do Bulk Sales Laws Still Exist in New York?

This article addresses those requirements. Similarly, a person who acquires such assets may unknowingly become liable for unpaid sales and use taxes unless specific precautions are taken before the sale is completed. Business assets can include anything directly related to the conduct of a business, including tangible personal property, real property, and intangible assets such as goodwill. Its fixtures and equipment are sold to an affiliated restaurant within the same ownership group. Procedures and Notification Filing a bulk sale notification with the DTF is not mandatory, and there is no statutory requirement for purchasers to follow the relevant procedures.

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Bulk Sales

The bulletin defines a bulk sale as the sale, transfer, or assignment of business assets by a person required to collect sales tax. Business assets are defined as any assets directly related to the business, such as: Tangible personal property, Real property, and Intangible assets, such as goodwill However, a bulk sale does not include sales of assets made in the ordinary course of business, such as retail sales to customers. The burden of proving a notice was received by the Department is on the purchaser. Therefore, the Department advises purchasers to file Form AU If any other delivery method is used, the notice will not be effective until the date the Department actually receives it, which may result in the purchaser being held liable. If any information on the original form changes or is incorrect or unavailable the purchaser must file a revised Form AU Once the Department receives a completed Form AU

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New York – Bulletin Issued on Bulk Sales

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