This form is an Asset Purchase Agreement. The buyer agrees to purchase from the seller certain assets which are listed in the agreement. The form also provides a listing of certain assets which will be excluded from the sale. The form must be signed in the presence of a notary public.
Business Sale Asset With Gain In Queens
Category:
State:
Multi-State
County:
Queens
Control #:
US-00418
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
More info
If the business you are buying includes business assets such as furniture or office equipment, you must pay sales tax on them. A taxable asset purchase allows the buyer to "step up," or increase, the tax basis of the acquired assets to reflect the purchase price.The city could impose its corporate tax on the gain on the sale of a partnership interest in a partnership that did business in New York City. Both the buyer and seller must complete IRS Form 8594 during the sale to report the sale and purchase of business assets. With an asset sale, the corporation's tax identity does not transfer to the purchaser.