Legal Question in Business Law in New Jersey

we sold a commercial property and the state held money in escrow. if we cannot pay the gain will the state use the escrow money.

Asked on 4/21/13, 4:57 am

1 Answer from Attorneys

Walter LeVine Walter D. LeVine, Esq.
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Yes. The gain needs to be calculated and the tax paid. The escrow money will be applied against the tax and a bill will be sent for any shortfall. The escrow should be sufficient and if it was properly calculated, should be sufficient.

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Answered on 4/24/13, 3:19 pm

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