Notice Of Sale Purchase Or Transfer Of Business Assets {CBS-1}

CBS-1 - NOTICE OF SALE, PURCHASE, OR TRANSFER OF BUSINESS ASSETS. This form is commonly known as a "bulk sale" notice. A bulk sale occurs when, outside the normal course of business, a business entity (seller or transferor) sells or transfers the major part of any of the following: • stock of goods that it is in the business of selling; or • furniture or fixtures, machinery and equipment, or real property of the business that is subject to the provisions of the Retailers' Occupation Tax Act or the Illinois Income Tax Act. 35 ILCS 120/5j; 35 ILCS 5/902(d). When a bulk sale occurs, the purchaser or transferee must file (and the seller or transferor may file) Form CBS-1, Notice of Sale, Purchase, or Transfer of Business Assets, to report the sale or transfer of assets to the Illinois Department of Revenue (IDOR). This form must be filed with IDOR at least ten (10) business days prior to the date of sale or transfer. www.FormsWorkflow.com