When completing the North Carolina return, the political organization is not required to complete Schedules A and C, which are used to calculate franchise tax. In order to receive the automatic state extension, you MUST fill in the "Federal Extension" circle on page 1 of Form CD-401S.Do you have to list those assets? The top portion of the listing form is for basic information about your business. You are required to notify the County Assessor's Office and the Office of the Tax Collector at least 48 hours prior to the closure or sale of the business. Yes, you must list all assets used in the business. Complete the business personal property listing form.