[WSBAPT] Failed reverse 1031 exchange question

[Tracy Paul]

Good Morning Listmates,

A client has a failed reverse 1031 exchange. They purchased the exchange
property through a facilitator, but failed to sell the property they
planned to use in the exchange. The exchange facilitator still holds title
and needs to transfer the purchased property to the client. The
facilitator is unsure which WAC exemption to cite on the REET. Excise tax
was paid when the facilitator purchased the exchange property and no
consideration will be paid for the transfer to the client (since the
property was purchased with client's funds).

I'm sure this is not the first failed reverse exchange. Has anyone had a
similar experience and know which WAC exemption is appropriate in this
situation?

Thanks!
Tracy

-- 
*TRACY PAUL*

Life and Legacy Wealth Planning Attorney

*HAYMOND LAW*

*P* 435.709.5820

*W *deaconhaymond.com
If in need of additional or immediate assistance,
please also consider contacting our Production Director: Katherine Haymond
<khaymond at deaconhaymond.com>
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