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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

(

)

 

 

__________________________

 

 

 

Name

 

 

 

Daytime phone number

 

 

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

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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