ASSET TRANSFER  

                                                                   TAX DECLARATION 
                                                                         P.L 2007, Chapter 100 (A5002) 
                                                                                  N.J.S.A. 54:50-38 
                                                                                           
New Jersey Division of Taxation                                                                      Form TTD 
Bulk Transfers                                                                         This form may be reproduced 
Box 245                                                                                      (Please print or type) 
Trenton NJ 08695-0245                                                                                          
Party Information 
          Seller’s Name: ________________________________             Seller’s FID/EIN_______________________ 
 
          Purchaser’s Name: ____________________________              ACTUAL Date of Sale _________________        
Business Type (check one) 
          S-Corporation * [  ]  Partnership  *[  ]    LLC  *[  ]   Corporation [  ]    Proprietor [  ]    State of Formation ____ 
 
 Return type filed to report gain: CBT [  ]  PART [  ]  NJ1040/1041 [  ]   NJ1040NR [  ]   TIN __________________ 
         *If a gain is declared (Line 9), each intended K-1 recipient must complete a declaration. Number of K-1s:            [    ]                  
Realty Location (if applicable) 

          Block(s) [                                            ]   Lot(s) [                                 ] 

          Street Address                                                                               [           ] 

          City [                                         ] State [         ] Zip  [                          ] 
Calculation of Estimated Tax          (to nearest dollar)    See reverse side for specific line instructions. 
             1. Consideration / Selling Price                                          1. $    ___, ___, ___ . 
             2. Settlement Charges (Not to include Mortgage/Loan payoffs)              2. $    ___, ___, ___ . 
             3. Cost After Depreciation                                                3. $    ___, ___, ___ . 
             4. Current Year Loss                                                      4. $    ___, ___, ___ . 
             5. NOL Carryover (if allowable)                                           5. $    ___, ___, ___ . 
             6. IRC Section 1031 Exchange     (if applicable)                          6. $    ___, ___, ___ . 
             7. Gain  (subtract lines 2 through 6 from line 1)                         7. $    ___, ___, ___ . 
            8. Amount of Gain Deferred (if applicable)                                8. $    ___, ___, ___ .                                    
             9. Current Year Gain (subtract line 8 from line 7)                        9. $    ___, ___, ___ . 
             10. _____ % Share of Gain if K-1 (multiply line 9 by percentage)          10.  $  ___, ___, ___ . 
             11. Tax Rate from NJ-1040 Schedule (not effective rate)                   11.                       %   _ _ _.   _ 
             12. Estimated Tax on Gain Due (line 10 multiplied by line 11)             12.  $  ___, ___, ___ . 
            Will there be installment proceeds?        Yes [  ] No [  ] (if yes, give details on reverse side.) 
Taxpayer’s Declaration 
I declare that all the information on this declaration is correct.  I am aware that if any of the foregoing information provided by me is knowingly                
false, I am subject to punishment. 
 
Date ____________________           Owner/Partner/Member Signature _______________________________________________________      
 
                                                            Print ______________________________________________________________________________ 
 
                                                            Title ______________________________________________________________________________ 
 (Rev 04-13 1.3.0) 
  

  N.J.S.A. 54:50-38 instructs the Director, Division of Taxation, to notify the purchaser, transferee 
  or assignee of business assets of any possible claim for State taxes.  This directive includes all 
  final business tax returns and payment. 
   
                                             Procedure 
   
  The estimated tax on the gain portion of the escrow to be held at closing is initially calculated by 
  multiplying the gross consideration by the tax rate of the taxpayer. 
   
   Upon completion of this declaration, submission to and review by the Division, the estimated tax 
  on the gain portion of the escrow may be reduced appropriately.   
   
  Upon closing of the transaction, the escrow will be held by the transferee’s attorney and the 
  estimated tax on the gain portion of the escrow will be demanded by the Division to be applied to 
  the appropriate tax type and year.  A confirmation of receipt and the application of the estimated 
  tax payment will be sent to the transferor’s attorney. 
   
  The taxpayer files their year end business tax return, claims credit for the payment and pays any 
  additional tax due.  They may request a refund or credit if an overpayment exists. 
   
              Specific Line Instructions for Estimated Tax Calculation 
                Special Note:  Lines 1 through 9 establish gain.  Line 10 assigns share. 
                                              
  Line 1:   Total sale price or consideration of all assets currently being transferred. 
   
  Line 2:   Total amount of settlement charges to transferor associated with this transaction.     
   
  Line 3:   If fully depreciated enter zero. 
   
  Line 8:   Calculate amount deferred based on installment or short term notes.  
   
  Line 9:   For NJ1065 filers: If any member/partner is not an individual or if the number of 
            nonresident member/partners exceeds five (5) stop here and attach the most current 
            membership directory.  The Division will calculate and communicate the estimated tax 
            for resident filers and/or withholding amount for nonresident filers. 
   
  Line 11: Individual tax rates may be found in the most current NJ-1040 instructions. 
            Corporate tax rate 6.5% ($1-$50,000), 7.5% ($50,001-$100,000) or 9% (above 
            $100,000). 
      
  Line 12:     
         •  C-Corporation - use the greater of declared tax or minimum tax.  ($500, $750, $1,000, 
              $1,500 or $2,000 based on NJ Gross Receipts.)  
             
         •  S-Corporation - minimum tax applies in addition to any tax on gain. 
              
 This is the declared amount that the Division will demand from escrow to be applied to the 
  taxpayer’s account(s). 
 
  Details of Installment proceeds: 
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