Maryland Form Mw506ae - Application For Certificate Of Full Or Partial Exemption - 2011 Page 3
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INSTRUCTIONS FOR APPLICATION FOR
MARYLAND FORM
MW506AE
CERTIFICATE OF FULL OR PARTIAL EXEMPTION
The Comptroller’s decision to issue or deny a certificate and the amount of tax is final and not subject to appeal.
GENERAL INSTRUCTIONS
Transferee/Buyer’s Information
an individual taxpayer identification
number (ITIN) by the IRS, enter the
Purpose of Form
Enter the name and address.
ITIN.
Check the box indicating the
Use Form MW506AE to apply for a
Check the box indicating the
transferee/buyer’s entity type.
Certificate of Full or Partial Exemption
transferor/seller’s entity type.
from the withholding requirements
Attach schedule if there are multiple
Enter the transferor/seller’s
on the proceeds of the sale of real
transferees/buyers.
ownership percentage of the property.
property and associated personal
property in Maryland by nonresident
Reason for Full or Partial
Property Information
individuals and nonresident entities.
Exemption from Withholding
A nonresident entity is defined to
Enter the description of the property,
mean an entity that: (1) is not formed
Check the box in the “Reason for
including the street address(es) for
under the laws of Maryland; and (2)
the property as listed with the State
Exemption” column that indicates the
is not qualified by or registered with
Department of Assessments and
reason you are requesting a full or
the Department of Assessments and
Taxation (SDAT), including county. If
partial exemption from the income tax
Taxation to do business in Maryland.
withholding requirements.
the property does not have a street
address, provide the full property
Who May File an Application
Specific Line Instructions
account ID numbers used by SDAT to
identify the property.
for Reason for Full or Partial
An individual, fiduciary, C
corporation, S corporation, limited
Exemption
Enter the date of closing for the sale
liability company, or partnership
or transfer of the property.
Line 1. Transfer is of your principal
transferor/seller may file Form
residence as defined in §121 of the
MW506AE. Unless the transferors/
Enter the contract sales price of the
Internal Revenue Code, which means
sellers are a husband and wife filing
property being sold or transferred.
it has been your principal residence for
a joint Maryland income tax return, a
two of the last five years.
separate Form MW506AE is required
Enter the property account ID
for each transferor/seller.
number, if known. If the property is
Required Documentation: Copy of
made up of more than one parcel
contract of sale or copy of estimated
IMPORTANT: The completed Form
and has more than one property tax
HUD-1 settlement sheet; copy of
MW506AE must be received by the
account number, include all applicable
HUD-1 settlement sheet from purchase
Comptroller of Maryland no later than
property account ID numbers.
of property, if claiming settlement
21 days before the closing date of
expenses as part of adjusted basis;
the sale or transfer to ensure timely
Check the box that describes the
and receipts and invoices for any
receipt of a Certificate of Full or Partial
transferor/seller’s acquisition of the
capital improvements you are claiming.
Exemption.
property. Check the box that describes
the transferor/seller’s use of the
Line 2. Transfer is a tax-free exchange
The Comptroller’s decision to issue
property at the time of the current
for purposes of §1031 of the Internal
or deny a Certificate of Full or Partial
sale, and enter the length of time
Revenue Code.
Exemption and the determination of
the property has been used for this
the amount of tax to be withheld if a
purpose.
Required documentation: Letter
partial exemption is granted are final
signed by the qualified intermediary,
and not subject to appeal.
Complete the transferor/seller’s
or by the person authorized to sign
adjusted basis section by entering the
on behalf of a business entity acting
SPECIFIC INSTRUCTIONS
purchase price when the transferor/
as the qualified intermediary, which
seller acquired the property, adding the
states the name(s) of the transferor(s),
Enter the tax year of the transferor/
cost of capital improvements (including
the property description, that the
seller if other than a calendar year.
acquisition costs such as commissions
individual or business will be acting
and state transfer taxes), and
Transferor/Seller’s Information
as the qualified intermediary for
subtracting depreciation, if applicable.
the transferor(s) as part of a §1031
If inherited property, use the Date of
Enter the name, address and
exchange of the property, whether
Death value of the property.
identification number (Social
there will be any boot, and if so, the
Security number or federal employer
amount of boot. The amount of any
identification number) of the transferor/
boot must be stated on the application
seller applying for the exemption.
as the taxable amount.
If the transferor/seller was issued
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