Tax Alert For Corporations, Partnerships and LLCs Owning Real Property in California

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The California Revenue and Tax Code has recently been amended to radically change the reporting requirements that relate to the change of control in the ownership of legal entities in California that own real property. The changes subject such entities to significant penalties for failure to timely report the change.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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