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Wake North Carolina online Form 4797: What You Should Know
Form S-8A (Consignee Affidavit) A consignee affidavit is an oath or affirmation of the purchaser's good faith purchase. This form is used when you purchase personal property from a third party or are purchasing business property from a non-profit business entity such as an LLC. The form needs specific information regarding: The name of your buyer; the name of the seller; the date and place of the sale (must be a North Carolina date/time) and the total amount paid. The consignee cannot have a financial interest in the property to be sold. The purchaser does not need to sign the affidavit. Form 941-P (Certification of Cash Value or Tax Receipt) A cash-to-equity return allows both buyer and seller to claim a cash deduction on their personal income taxes. Both parties must report this cash return when filing their personal taxes. The cash-to-equity return requires the cash-to-equity price paid, which is generally based on the selling price of the business or personal asset; provided, however, that the owner of a business or personal asset can elect by written disclosure or by oral explanation the cash-to-equity price should be based solely upon the asset's fair market value at the time of the sale. Form 941-Z (Prohibited Activities) The following is an example of what constitutes a prohibited activity for a sale of real property or personal property. If you are unsure, consult a tax professional. Example: A business or nonprofit wants to lease a portion of their property for a period of time. They must negotiate for a fair market rent. The business owner would report this rental as a business expense in the year the lease is signed. The business owner receives compensation for leasing the property. The owner of the business or nonprofit should not be included in Schedule C or C-EZ and the rental income may be a business expense. A cash rent paid to the property owner should not be included in Schedule G or G-1. A cash-to-equity report would not be required if: 1. The business or nonprofit is not engaged in any specific business; 2. The business is a for-profit business; 3. The property is leased by a nonprofit organization for a substantial length of time; and 4. The property is sold by a nonprofit organization to a third party for a substantial amount of cash.
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