MoFo New York Tax Insights - Volume 7, Issue 10

Morrison & Foerster LLP

Recent unpublished NYC Department of Finance Letter Rulings -

We have obtained under the Freedom of Information Law several Finance Letter Rulings of interest, most involving the New York City real property transfer tax, issued by the New York City Department of Finance. They constitute all letter rulings issued by the Department in 2015 and during the first half of 2016. None of these rulings currently appear on the Department’s website. They are summarized below.

..Transfer of realty by LLC owned by a nonprofit qualifies for exemption from the RPTT. One of the more interesting real property transfer tax (“RPTT”) letter rulings involved an educational organization exempt from federal income tax under IRC § 501(c)(3) that operates a museum in New York City and that occupies real property owned by a real estate holding limited liability company, which leased the real property to the organization. The transaction involved the sale of the real property by the LLC to a developer for cash, after which the developer would construct two condominium units on the property, one unit to house the educational organization, the other unit consisting of residential apartments to be sold or rented by the developer. Upon completion of the project, the developer would transfer the first unit either to the educational organization or to a new LLC owned by the organization...

Please see full Issue below for more information.

LOADING PDF: If there are any problems, click here to download the file.

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.

© Morrison & Foerster LLP | Attorney Advertising

Written by:

Morrison & Foerster LLP

Morrison & Foerster LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.