A company’s transfer of their business assets was exempt from sales and use tax. The bulk sale or transfer of any part of the whole of a transferee’s business’s assets, other than in the ordinary course of business, is deemed a casual sale and is therefore not subject to tax in New Jersey. A casual sale is an isolated or occasional sale of tangible personal property by a person who does not customarily make such retail sales and where the property was obtained by the person making the sale in the state. The Director of Taxation must be notified at least ten days before possession is taken. (Form Letter Issued by the New Jersey Department of the Treasury, Division of Taxation, Received April 14, 2004.)