Controlling Interest Transfer Tax {CITT-1}

CITT-1 (1-07) State of New Jersey DIVISION OF TAXATION CONTROLLING INTEREST TRANSFER TAX READ INSTRUCTIONS BEFORE COMPLETING THIS RETURN Part 1 Transferor Information (Seller) 1. Name and Address of Transferor 2. Social Security Number or Federal Employer ID Number of Transferor 3. NJ Registration Number (if any) of Transferor 4. Check here if more than one transferor and attach a schedule providing the same information for all transferors. Part 2 Transferee Information (Purchaser) 1. Name and Address of Transferee 2. Social Security Number or Federal Employer ID Number of Transferee 3. NJ Registration Number (if any) of Transferee 4. Check here if more than one transferor and attach a schedule providing the same information for all transferees. Part 3 Transfer Information 1. Name and Address of Entity in which controlling interest was transferred. 2. Federal Identification Number of Entity 3. New Jersey Registration Number (if any) of Entity 4. This entity is a: Corporation Limited Liability Company 6. Date of transfer of controlling interest in entity Trust Partnership Other (specify)_______________________________ 8. Was the controlling interest transfer made in a series of transfers (If "yes" attach schedule describing earlier transfers. Yes No 5. Enter name of state under whose laws entity is organized 7. Interest transferred on date indicated in 6. Part 4 Property Identification and Location Lot County/Muni Code Municipality Block Number Part 5 Computation of Amount due and Payable 00 00 00 00 00 00 1. Enter amount from Part 6, Line 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. 2. Enter amount from Part 7, Line 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. 3. Subtotal (add Line 1 and Line 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. 4. Interest due, if any, on amount on Line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. 5. Penalty due, if any on amount on Line 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. 6. Total amount due (add Lines 3, 4, and 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. I declare under penalty of law that I have examined this return (including any accompanying schedules and statements), and to the best of my knowledge and belief, it is true, complete and correct. I understand the penalty for willfully delivering a false return is a fine of not more than $5,000, or imprisonment for not more than five years, or both. The declaration of a paid preparer other than the taxpayer is based on all information of which the prepare has any knowledge. SIGN HERE Keep a copy of this return for your records __________________________________________________________________________________________________________________________ Signature of Principal Officer Title Date _______________________________________________________________________________(_________)_________________________________ Print Name of Principal Officer Telephone Number I authorize the Division of Taxation to discuss my return and enclosures with my preparer (below) ___________________________________________________________________________________________________________________________ Paid Preparer's Signature Firm's Name and Address Date Preparer's SSN or PTIN FEIN American LegalNet, Inc. www.FormsWorkflow.com ___________________________________________________________________________________________________________________________ CITT-1 (page 2) Name of Transfor Transferor's Tax ID Number Date of Transfer Part 6 Tax Calculation A Use if NJ classified real property is owned directly or indirectly by the entity in which a controlling interest was transferred Town Check if Exempt County/Muni Code Column A Consideration Column B Multiply by 1% Tax A x B = Tax Location of Real Property 1. Street Address Owner ID 2. Street Address Owner ID 3. Street Address Owner ID 4. Total Tax (include amounts from any attached schedules). Enter here and on Part 5, Line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Part 7 Tax Calculation B Use if NJ classified real property is owned directly or indirectly by the entity in which a controlling interest was transferred and which also owns an interest in other property, real or personal Check if County/Muni Code Exempt Column A Assessed Value Column B Director's Ratio Column C Equalized Value Column D Multiply by 1% Column E Ownership Percentage Tax A ÷ B= C C x D X E = Tax Location of Real Property 1. Street Address Town Owner ID 2. Street Address Town Owner ID 3. Street Address Town Owner ID 4. Total Tax (include amounts from any attached schedules). Enter here and on Part 5, Line 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Part 8 Direct owners of NJ classified real property indirectly owned by the entity in which a controlling interest was transferred Name Business Address Social Security Number or Federal Employee ID Number Part 9 Series of Transactions that either the Transferor or Transferee have participated in within the past 6 months Name Business Address Social Security Number or Federal Employee ID Number American LegalNet, Inc. www.FormsWorkflow.com Controlling Interest Transfer Tax A new tax was enacted in July, 2006 imposing a transfer tax of 1% on certain transfers of controlling interest in entities possessing commercial real property. Specifically, if a controlling interest in an entity which possesses, directly or indirectly, a controlling interest in classified real property, then, with certain exceptions mentioned below, the purchaser of the controlling interest must pay a tax. The tax was established by P.L. 2006, c. 33, Section 3, (N.J.S.A. 54:15C-1), approved July 8, 2006. The real property that is the subject of this tax statute is class 4A "commercial property" that is any kind of income-producing real property other than property classified as vacant land, residential property, farm property, industrial properties, and apartments. The sale or transfer of a controlling interest subject to taxation may occur in one