Fill a Valid Cbs 1 Illinois Form

The CBS-1 Illinois form is a document required by the Illinois Department of Revenue to report the sale, purchase, or transfer of business assets. This form must be completed if a business sells or transfers a significant portion of its inventory, equipment, or property outside its usual operations. Timely submission is crucial, as forms received more than 10 days after the sale date will not be processed, potentially leading to liability for the purchaser or transferee.

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Table of Contents

The CBS-1 form is a critical document for businesses in Illinois that are involved in the sale or transfer of significant business assets. This form must be completed by the seller, purchaser, or transferee when the major part of the business's inventory, furniture, fixtures, machinery, equipment, or real property is sold or transferred outside the normal course of business. Timeliness is essential; forms submitted more than ten days after the sale date will not be processed. The form serves not only to document the transaction but also to protect the purchaser or transferee from potential liabilities associated with the seller's debts. Key sections of the form require detailed identification of the business, the seller, and the purchaser, along with information about the terms of the sale or transfer. Additionally, the form necessitates that the parties involved disclose any excise taxes owed and provide contact details for their respective attorneys. Proper submission includes mailing the completed form along with relevant contracts to the Illinois Department of Revenue. Failure to complete the CBS-1 form accurately and in a timely manner can result in significant tax liabilities for the purchaser or transferee, emphasizing the importance of understanding and adhering to the requirements laid out in this document.

Example - Cbs 1 Illinois Form

Illinois Department of Revenue

CBS-1 Notice of Sale, Purchase, or Transfer of Business Assets

General information

You (or the purchaser or the transferee) must complete Form CBS-1 if, outside your usual course of business, you sell or transfer the major part of the

•stock of goods that you are in the business of selling,

•furniture or ﬁxtures,

•machinery and equipment, or

•real property of your business.

Forms received more than 10 days after the sale date will not be pro- cessed. The purchaser or transferee may be held liable for any debt incurred by the seller.

If you need additional information, you may call our Chicago ofﬁce weekdays between 8:30 a.m. and 5:00 p.m. at 312 814-3063.

Mail your completed Form CBS-1, a copy of the sales contract, and ﬁnancing agreement to:

BULK SALES UNIT

ILLINOIS DEPARTMENT OF REVENUE 100 WEST RANDOLPH LEVEL 7-400 CHICAGO IL 60601

You may fax your form and sales contract to us at 312 793-3841.

Part 1: Identify the business being sold or transferred and the identiﬁcation numbers

1	____________________________________________________			3	_______________________________________
	Business name				Illinois business tax number (IBT no.) or account identiﬁcation number
2	____________________________________________________			4	___ ___-___ ___ ___ ___ ___ ___ ___ ___ ___ ___
	Street address				Federal employer identiﬁcation number (FEIN)	Seq. number
	____________________________________________________			5	___ ___ ___-___ ___-___ ___ ___ ___
	Street address (if needed)				Social Security number
	____________________________________________________			6	Are you required to pay any excise taxes?	Yes	No
	City	State	ZIP		Excise tax number ________________________________________

Part 2: Identify the seller or transferor

7	____________________________________________________			9	(	)	—
7	____________________________________________________			9	__________________________
	Name				Daytime phone number
8	____________________________________________________			10			(	)	—
8	____________________________________________________			10	____________________________________________________
	Home or mailing address				Name of seller’s or transferor’s attorney			Daytime phone number
	____________________________________________________			11	____________________________________________________
	City	State	ZIP		Address of attorney

Part 3: Identify the purchaser or transferee

12	____________________________________________________			14	____________________________________________________
	Name				Purchaser’s or transferree’s IBT no. and FEIN	(	)	—
						(	)	—
13	____________________________________________________			15	____________________________________________________
	Home or mailing address				Name of purchaser’s or transferee’s attorney		Daytime phone number
	____________________________________________________			16	____________________________________________________
	City	State	ZIP		Address of attorney

Part 4: Describe the terms of sale or transfer

17Date business was or will be sold or transferred. ___/___/____

Month Day Year

18Selling price of the business or the value of the business assets transferred: $ ____________________

19Was the entire business sold or transferred? Yes

No - You must complete Line 20.

20Are the seller’s or transferee’s registration numbers with the

department to remain active? Yes

No - Write the date to be discontinued. ___/___/____

Month Day Year

21Terms of sale or transfer. Write “X” in the appropriate box, and provide additional information as requested.

	Cash sale
	Contract sale. Complete the following information:
•	Down payment amount:	$ ____________________
•	Monthly payment amount:	$ ____________________
•	Date last payment is due	___/___/____

Month Day Year

Conventional ﬁnancing

Other (Specify.): ____________________________________

_________________________________________________

Part 5: Sign below. This must be completed by the person submitting this Form.

22	(	)	—	24 ____________________________________________________
Print or type your name	Daytime phone number			Signature	Date

23____________________________________________________

Mailing address of person

CBS-1 (R-4-09)

This form is authorized as outlined by the Illinois Income Tax Act [35 ILCS 5/902] and the Retailers’ Occupation Tax Act [35 ILCS 120/5j]. You are required to report all sales of businesses to the Illinois Department of Revenue. Disclosure of this information is REQUIRED. Failure to provide such information may result in the purchaser or transferee

becoming personally liable for the amount of tax owed by the seller. This form has been approved by the Forms Management Center.

IL-492-4224

▼ PDF

Document Breakdown

Fact Name	Details
Purpose of Form	The CBS-1 form is used to report the sale, purchase, or transfer of business assets in Illinois.
Who Must File	The seller, purchaser, or transferee must complete the form if a significant portion of business assets is sold or transferred.
Deadline for Submission	Forms must be submitted within 10 days after the sale date to be processed.
Liability for Debts	The purchaser or transferee may be held responsible for any debts incurred by the seller related to the business.
Contact Information	For assistance, contact the Chicago office at 312-814-3063 during business hours.
Mailing Address	Completed forms should be sent to the Bulk Sales Unit at the Illinois Department of Revenue, 100 West Randolph, Level 7-400, Chicago, IL 60601.
Governing Laws	This form is authorized under the Illinois Income Tax Act (35 ILCS 5/902) and the Retailers’ Occupation Tax Act (35 ILCS 120/5j).

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