[WSBAPT] REET audit gift exemption.

[Josh Grant]

My client and his brother owned 50% share in a corporation that in turn owned about $500,000 of real property. One brother gifted the other his 50% stock and a REET was  filed with the state in Nov. of 2018.
The state has advised the client that the REET transaction “has been selected for audit”. The state then stated: “to verify the gift exemption, WAC 458-61A-201(B)(1) please provide the following: A copy of the contract/agreement between the two brothers.
There was no contract, just an assignment of shares of stock as a gift.  
I would like to visit with someone who has had experience with this type of audit.
Josh

Joshua F. Grant

P. O. Box 619
Wilbur, WA 99185
509 647 5578
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