Get (to The Extent Permitted By Land Bank Act Section 9(b), This Bformb Is Not A B

Filling out the (To The Extent Permitted By Land Bank Act Section 9(b), THIS BFORMb IS NOT A B is a crucial step in claiming exemption under the Land Bank Act. This guide provides clear and supportive instructions to help users complete the form effectively.

Follow the steps to accurately fill out the exemption claim form.

1. Click ‘Get Form’ button to obtain the form and open it in your preferred editing tool.
2. Begin with the 'Newly Organized Entity' section. Enter the name of the newly organized entity and select the type of entity from the options provided: Corporation, Partnership, LLP, or LLC. Also, fill in the date of organization.
3. If the entity is an LLP or LLC, specify how it is taxed by choosing one of the following: As a corporation, As a partnership, or As a disregarded entity. Indicate whether the organization is exempt from U.S. income taxes under Internal Revenue Code Section 351 or 721 by checking ‘Yes’ or ‘No’.
4. List the names of owners and their percentage interests in the transferred property prior to the organization of the entity. Ensure you fill out both name and percentage fields accurately.
5. Next, complete the section for owners and their percentage interests in the new entity. If the entity is taxed as a partnership, also list the capital interests.
6. For entities taxed as partnerships, provide the names of owners and their percentage profit interests in the new entity, if different from the capital interests.
7. Proceed to the 'Previously Organized Entity' section. Enter the name of the purchaser entity and select its type: Corporation, Partnership, LLP, or LLC, and fill in the date of organization.
8. Similar to the previous steps, specify how the entity is taxed and whether the transfer of property is exempt from U.S. income taxes under relevant sections of the Internal Revenue Code.
9. Indicate the value of the transferred property at the time of transfer, and list any other property transferred to the purchaser entity, along with its value.
10. List the names of owners and their percentage interests before and after the transfer, ensuring you provide both percentage fields.
11. For partnerships, also list the names of owners and their percentage profit interests before and after the transfer, if they differ from capital interests.
12. Finally, provide the net worth of the purchaser entity both before and after the transfer.
13. In the signature section, have the authorized officer or purchaser's attorney certify the information, including their name, title, and date.
14. Once all sections are completed, you can save your changes, download the form, print it, or share it as needed.

Complete your (To The Extent Permitted By Land Bank Act Section 9(b), THIS BFORMb IS NOT A B online with confidence.