Maryland Form Mw506ae - Application For Certificate Of Full Or Partial Exemption - 2011 Page 2
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52011
MARYLAND FORM
Application for Certificate of Full or Partial Exemption
MW506AE
Page 2
Transferor/Seller’s Name
Your Social Security Number/FEIN
Reason for Full or Partial Exemption from Withholding
(Attach documentation and calculation)
☐
1.
Transfer is of a principal residence as defined in IRC §121.
☐
2.
Transfer is a tax-free exchange for purposes of IRC §1031 and is treated as:
☐
simultaneous without boot,
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simultaneous with boot, or
☐
delayed, with funds in escrow for acquiring replacement property.
☐
3.
Transfer is pursuant to an installment sale under IRC §453 and the transferor/seller will receive less
than the full purchase price during the taxable year.
☐
4.
Transfer of inherited property is occurring within 6 months of date of death.
☐
5.
Transferor/Seller is receiving zero proceeds from this transaction.
☐
6.
Transfer is pursuant to a transaction under a specific section of the Internal Revenue Code or
other code. Place code letter for your transaction in the box below. (See instructions for detailed
descriptions):
☐
☐
7.
Other. Provide a brief explanation in the space provided:
Calculation of Tax to be Withheld
1. Enter the amount subject to tax witholding. Subtract adjusted basis from contract sales price. ....................................
1
2. Enter tax rate, whichever applies.
a. If you are a business entity, enter 8.25%
...........................................................
2
.......................................
...........................................................
b. If you are an individual, enter 6.75%
3. Amount of tax to be withheld at closing. Line 1 multiplied by line 2. (This line MUST be completed.) ............................
3
Under the penalties of perjury, I declare that I have examined this application, including any schedules or statements
attached, and to the best of my knowledge and belief, it is true, correct and complete. If prepared by a person other
than taxpayer, the declaration is based on all information of which the preparer has any knowledge.
_____________________________________________
___________________________ ___________________________
Please
Signature
Applicant’s phone number
Date
_____________________________________________
___________________________ ___________________________
Sign
Signature
Applicant’s phone number
Date
_____________________________________________
___________________________ ___________________________
Here
Signature
Applicant’s phone number
Date
(Rev. 12/10)
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