Transfer Taxes

News & Analysis as of

New Scottish property transaction tax: Highest rate band for commercial property announced as 4.5%

John Swinney, the Scottish government's Finance Secretary, has announced the proposed rates and bands for the new Scottish property transaction tax known as the Land and Buildings Transaction Tax (LBTT). On 1 April...more

Court of Appeal Holds Transfer Tax Applies to Legal Entity Changes in Ownership

In 926 North Ardmore Avenue, LLC v. County of Los Angeles, the 2nd District Court of Appeal held that Proposition 13 changes in ownership prompted by transfers of legal entity interests should also be characterized as “realty...more

Sold Only an Interest in Your Property? Get Ready To Pay More Tax

California state and local government agencies looking for more revenue have long been looking at real estate sales to increase their tax take. Last month, the California Court of Appeal for the Second Appellate District...more

“Change in Ownership” Can Trigger Documentary Transfer Tax

926 North Ardmore Avenue, LLC v. County of Los Angeles, (9/22/14, B248536) - The California Court of Appeals has recently held that, as a general rule, the Documentary Transfer Tax (“DTT”) applies whenever there is a...more

Legal Update: New Transfer Tax Disclosure Requirement

After January 1, 2015, documentary transfer tax will no longer be a private affair. It is common practice in commercial real estate purchase and sale transactions to provide the amount of documentary transfer tax on the...more

Hotel Reassessment Invalid When LLC Owning Hotel Sells 100 Percent Membership Interest But No Person Or Legal Entity Obtains More...

The rule set out in California Code of Regulations Title 18 Section 462.180(d)(1)(B) provides there is a change in the ownership of real property owned by an LLC, "when any corporation, partnership, LLC, or any person… obtain...more

Doing Business in Canada: Taxes & Duties

SALES AND TRANSFER TAXES: GOODS AND SERVICES TAX - Canada has a 5% value-added tax imposed on goods and services called the Goods and Services Tax (GST). The GST is applied to each transaction in the production and...more

California Documentary Transfer Tax: Separate Unrecorded Statement of Tax No Longer Allowed After December 31, 2014

The California Documentary Transfer Tax Act requires the amount of documentary transfer tax due to be shown on the face of the document. However, if the party submitting the document for recordation requests, then the amount...more

Major Changes to New York State Transfer Tax and Fiduciary Income Tax Laws

Governor Andrew Cuomo signed into law on April 1, 2014 the 2014-2015 New York State budget. The new law, which was widely debated after Governor Cuomo introduced it on January 21, includes a number of changes to New York...more

Watch out for California transfer taxes in transactions involving real estate holdings

For some time now, we have reported on the growing trend in California of counties collecting documentary transfer tax for transfers of interests in legal entities holding real property in California. This update of a DLA...more

M&A Update: New Rules Will Limit Shareholders’ Tax-Free Treatment On Inversions

In what may be the first of a series of steps, the government took decisive action today to ensure that shareholders of US companies inverting by merger must pay tax on the transfer of their US company shares if they hold a...more

Tax Newsletter: Austria - April 2014

PROPOSED AMENDMENTS TO THE REAL ESTATE TRANSFER TAX ACT - The most recent draft of the Austrian Budget Accompanying Act of 2014 (Budgetbegleitgesetz, BudBG 2014) provides for, inter alia, a calculation basis for the...more

International Update - Tax Executives Institute PowerPoint Presentation

In this Presentation: - Topics - Inversion - Inversions – How Did We Get Here? - Impact Of The §367 Regulations - 2003 – Enactment of §7874 - §7874 - Determining “Ownership” - Treasury Regulation...more

U.S. Tax Court Ruling in State Conservation Tax Credit Case Requires Income Recognition

In its recently issued opinion in the case of Route 231, LLC v. Commissioner, T.C. Memo 2014-30 (2/24/14), the United States Tax Court (the “Court”) held that a transfer of state tax credits to a 1% member who had contributed...more

Freddie Mac Requires Lender-Placed Insurance Compliance Certification, Updates Foreclosure And Transfer Tax Policies

On March 17, Freddie Mac issued Bulletin 2014-3, which requires servicers to provide a certification that they are or will be in compliance with new lender-placed insurance requirements announced in Bulletin 2013-27. With...more

MTC State Transfer Pricing Program Looms on the Horizon

Transfer pricing is usually considered an international affair, but state governments, like there larger national brethren, have increasingly, and painfully, come to realize that inter-state transfer pricing has become a...more

Borrower Beware: Loan Transactions can be a Taxable Event for U.S. Corporations that have Foreign Subsidiaries

A loan transaction is generally not thought of as resulting in a taxable event. But it can if the borrower is a U.S. corporation (U.S. Co.) with a foreign subsidiary (FS). More specifically, a loan transaction can trigger a...more

Fourth Circuit Holds Fannie Mae, Freddie Mac Exempt From Local Transfer, Recordation Taxes

On January 27, the U.S. Court of Appeals for the Fourth Circuit upheld a district court decision and held that Fannie Mae and Freddie Mac are exempt from state and local real estate transfer taxes. Montgomery County, Md. v....more

2014 Brings Changes In Pennsylvania Realty Transfer Tax

Act 52 of 2013 amended many provisions of Pennsylvania state taxes, including some relatively minor changes to the realty transfer tax that took effect on January 1, 2014. The most significant change to the realty transfer...more

Taxpayer Loses Canadian Transfer Pricing Case

A recent transfer pricing case from the Tax Court of Canada (McKesson Canada Corporation v The Queen) establishes a broad interpretation of the “regular” (non-recharacterization) transfer pricing rule in the Income Tax Act...more

RETT: Reentry of partner in property owning partnership

Transfer of interests leads to loss of qualification as a former partner within the meaning of Sec. 1 para 2a RETTA. The Federal Financial Court of Germany recently decided that real estate transfer tax (RETT) is due...more

Updated Historical Federal Transfer Tax Rates, Exemptions, And Related Information Table

In Rev. Proc. 2013-35, the IRS has published inflation-adjusted amounts to various taxes, exemptions, and other items. The unified credit basic exclusion amount for transfer tax purposes, along with the GST tax exclusion, has...more

Should We Rely On Portability?

When Congress early this year enacted the new estate tax provisions making the $5 million inflation adjusted federal estate, gift and generation-skipping transfer (GST) tax exemptions "permanent," it also made the concept of...more

Inflation Adjustments for 2014 Transfer Tax Exemptions

The IRS has announced the 2014 inflation adjustments to various Internal Revenue Code provisions. Of particular importance for estate planning is the increase of the basic exclusion amount (the amount which an individual can...more

Real Estate Legal News - October 2013 • Volume 4, Number 1

In This Issue: - KEEP IT CLEAN: EPA ENDORSES NEW ASTM STANDARD FOR CONDUCTING ESAS: The United States Environmental Protection Agency (EPA) recently proposed a rule to recognize the updated standard of the...more

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