The Department of Taxation and Finance's (DTF) bulk sale
notification requirements provide the acquirer with options that may alleviate successor liability for these taxes.
Expenses are much higher in a sell-through model versus a bulk sale
, because of the costs associated with running the sale for a longer period.
While most states have repealed UCC Article 6,Arizona, California, Indiana, Virginia and the District of Columbia have adopted Revised Article 6, and the remaining states have retained original UCC Article 6.This lack of uniformity among the states and the need to determine which state law applies to a bulk sale
has caused confusion and requires creditors and purchasers in bulk sale
transactions to be especially diligent about the manner in which the original and revised versions of UCC Article 6 regulate bulk sales
There is precedent in the federal tax area for treating a bulk sale
of inventory as other than income in the ordinary course of business.
"The discounted bulk sale
price was reflective of a 60 percent discount on the rent stabilized units and a 40 percent discount on the free market units.
The company said that as previously reported, the financial results for the second quarter were adversely impacted by a USD48.7m pre-tax loss on a bulk sale
of assets, a USD12.9m pre-tax other-than-temporary impairment on Puerto Rico Government securities, and pre-tax costs of USD2.6m related to the conversion of loan and deposit accounts acquired from Doral Bank to the FirstBank systems completed in the second quarter.
of Youngstown, Ohio holding has completed the bulk sale
of a substantial amount of the bank's troubled loans, along with other assets, to an unrelated party.
In a private letter ruling released January 14, 2011, the IRS allowed a bulk sale
exception to the retailer exclusion, allowing an oil and gas company to claim percentage depletion.
The investors paid $16.7 million, or $248 per square foot, in a series of linked transactions, marking the 33rd bulk sale
in Miami in the past 18 months and a nearly 40 percent discount to the average recorded prices of $416 per square foot on the open market.
E&Y expects to assist CHAMC to market NPLs through a bulk sale
, a real estate portfolio sale, investment in state-owned enterprises (debt or equity) and an asset-servicing contract in conjunction with an international asset manager.