Form Nuc-542-A - Notice Of Sale Or Purchase Of Business Assets
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1Illinois Department of Revenue
NUC-542-A
Notice of Sale or Purchase of Business Assets
General information
If you need additional information, you may call our Chicago office
You (or the purchaser or the transferee) must complete this form if,
outside your usual course of business, you sell or transfer the major
weekdays between 8:30 a.m. and 4:30 p.m. at 312 814-3063.
part of
Mail your completed form and a copy of the sales contract and
the stock of goods that you are in the business of selling,
financing agreement to:
the furniture or fixtures,
ILLINOIS DEPARTMENT OF REVENUE
the machinery and equipment, or
the real property of your business.
BULK SALES SECTION
PO BOX 641155
The following information is required as provided by the Illinois
CHICAGO IL 60664-1155
Income Tax Act [35 ILCS 5/902] and the Retailer’s Occupation Tax
Act [35 ILCS 120/5j]. Complete all information and attach a copy of
You may fax your form and sales contract to us at 312 793-3841.
the sales contract and financing agreement.
Part 1: Identify the business being sold
___ ___ ___ ___ - ___ ___ ___ ___
3
1 ____________________________________________________
Illinois business tax number (IBT no.)
Business name
2
4 ___ ___ - ___ ___ ___ ___ ___ ___ ___ ___ ___ ___
____________________________________________________
Federal employer identification number (FEIN)
Seq. number
Street address
5 ___ ___ ___ - ___ ___ - ___ ___ ___ ___
____________________________________________________
City
State
ZIP
Social Security number
Part 2: Identify the seller
6
8
____________________________________________________
(______)_____________________________________________
Seller’s name
Seller’s daytime phone number
7
9
____________________________________________________
__________________________________(______)___________
Seller’s home or mailing address
Name of seller’s attorney
Daytime phone number
10
____________________________________________________
____________________________________________________
City
State
ZIP
Address of seller’s attorney
Part 3: Identify the purchaser
11
13
____________________________________________________
____________________________________________________
Purchaser’s name
Purchaser’s IBT no. and FEIN
12
14
____________________________________________________
__________________________________(______)___________
Purchaser’s home or mailing address
Name of purchaser’s attorney
Daytime phone number
15
____________________________________________________
____________________________________________________
City
State
ZIP
Address of purchaser’s attorney
Part 4: Describe the terms of sale
19
16
Was the entire business sold?
Write the date the business was sold or is to be sold.___/___/___
17
Write the selling price of the business.______________________
Yes
18
Terms of sale. Write an “X” in the appropriate box, and provide
No (If “No,” you must complete Line 20.)
additional information as requested.
20
Are the seller’s accounts to remain active?
Cash sale
Yes
Contract sale.
Write the
No (If “No,” write the date to be discontinued.)
• amount of down payment $__________________________,
Effective date ___/___/___
• amount of monthly payment $____________________, and
• date last payment is due ___/___/___.
Conventional financing
Other (specify) _____________________________________
____________________________________________________
Part 5: Sign below
23
(______)____________________________________________
21
____________________________________________________
Daytime phone number of person submitting this form
Print or type the name of person submitting this form
24
22
___________________________________________________
____________________________________________________
Signature of person submitting this form
Date
Mailing address of person submitting this form
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 information could result in a penalty. This form has been approved by the Forms Management Center.
IL-492-1173
NUC-542-A (R-12/97)
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