New Jersey Administrative Code
Title 18 - TREASURY - TAXATION
Chapter 24 - SALES AND USE TAX ACT
Subchapter 7 - MOTOR VEHICLES
Section 18:24-7.9 - Transfers statutorily excluded from tax
Universal Citation: NJ Admin Code 18:24-7.9
Current through Register Vol. 56, No. 18, September 16, 2024
(a) Within the meaning of 54:32B-2(e)(4), the following transfers of motor vehicles are not subject to tax:
1. Transfers of motor vehicles to a corporation,
solely in consideration for the issuance of its stock, pursuant to a merger or
consolidation effected under the law of New Jersey or any other
jurisdiction;
2. Transfers of motor
vehicles to a corporation upon its organization in consideration for the issuance of
its stock;
3. Transfers of motor
vehicles in the distribution of property by a corporation to its stockholders as a
liquidating dividend;
4. Transfers of
motor vehicles as a contribution of property to a partnership in consideration for a
partnership interest therein;
5.
Transfers of motor vehicles in the distribution of property by a partnership to its
partners in whole or partial liquidation; and
6. Transfers of motor vehicles where the purpose
of the vendee is to hold the property transferred as security for the performance of
an obligation of the seller.
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