N.J.A.C. 18:24-7.9 - Transfers Statutorily Excluded From Tax

(a) Within the meaning of N.J.S.A. 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.