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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link=blue vlink=purple style='tab-interval:.5in'><div class=WordSection1><p class=MsoNormal><span style='mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D'>Under the provisions of the Real Estate Excise Tax rules the transfer of the interest is for <i style='mso-bidi-font-style:normal'>value</i>, equal to the relief from debt, so would be subject to tax as a “sale”. If there is remaining debt, that debt is not part of the consideration paid for the transfer.<o:p></o:p></span></p><p class=MsoNormal><span style='mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D'><a href="http://app.leg.wa.gov/wac/default.aspx?cite=458-61A-102">http://app.leg.wa.gov/wac/default.aspx?cite=458-61A-102</a><o:p></o:p></span></p><p class=MsoNormal><span style='mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D'>see the definition of <i style='mso-bidi-font-style:normal'>consideration<span style='mso-spacerun:yes'> </span></i>and <i style='mso-bidi-font-style:normal'>sale</i>.<o:p></o:p></span></p><p class=MsoNormal><span style='mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D'><o:p> </o:p></span></p><div><p class=MsoNormal><span style='mso-ascii-font-family:Calibri;mso-fareast-font-family:"Times New Roman";mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D;mso-no-proof:yes'>Michael A. Winslow<o:p></o:p></span></p><p class=MsoNormal><span style='mso-ascii-font-family:Calibri;mso-fareast-font-family:"Times New Roman";mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D;mso-no-proof:yes'>1204 Cleveland Ave.<o:p></o:p></span></p><p class=MsoNormal><span style='mso-ascii-font-family:Calibri;mso-fareast-font-family:"Times New Roman";mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D;mso-no-proof:yes'>Mount Vernon, WA 98273<o:p></o:p></span></p><p class=MsoNormal><span style='mso-ascii-font-family:Calibri;mso-fareast-font-family:"Times New Roman";mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D;mso-no-proof:yes'>Ph. 360-336-3321<o:p></o:p></span></p><p class=MsoNormal><span style='mso-ascii-font-family:Calibri;mso-fareast-font-family:"Times New Roman";mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D;mso-no-proof:yes'>Em. Mike@winslegal.com<o:p></o:p></span></p><p class=MsoNormal><span style='mso-ascii-font-family:Calibri;mso-fareast-font-family:"Times New Roman";mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D;mso-no-proof:yes'><o:p> </o:p></span></p><p class=MsoNormal><span style='mso-ascii-font-family:Calibri;mso-fareast-font-family:"Times New Roman";mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D;mso-no-proof:yes'>This message is from an attorney, so it’s confidential. If you are not the intended recipient, it’s too late to stop reading this message, but you may not use it for any improper purpose. Huge Disclaimer available upon request.<o:p></o:p></span></p></div><p class=MsoNormal><span style='mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D'><o:p> </o:p></span></p><div><div style='border:none;border-top:solid #B5C4DF 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal><b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif";mso-fareast-font-family:"Times New Roman"'>From:</span></b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif";mso-fareast-font-family:"Times New Roman"'> wsbapt-bounces@lists.wsbarppt.com [mailto:wsbapt-bounces@lists.wsbarppt.com] <b>On Behalf Of </b>Eden Rubenstein Toner<br><b>Sent:</b> Wednesday, May 18, 2016 1:28 PM<br><b>To:</b> WSBA PT list<br><b>Subject:</b> [WSBAPT] RE Excise Tax question<o:p></o:p></span></p></div></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>I’m trying to figure out the RE excise tax computation in this situation: Client owns ½ interest in property. A testamentary trust of which client is Trustee owns the other ½. There are no other assets in the trust. Client occupies the property and has paid mortgage, taxes, insurance and all expenses for many years, keeping track of all payments and issuing a promissory note from the trust to client each year. The trust is now indebted to client for more than the value of the trust’s interest in the property. Client wants to deed the property from the trust to client in full satisfaction of the debt, despite the fact that the debt is greater than the value of the property.<o:p></o:p></p><p class=MsoNormal>Questions—is tax due on the full amount of the debt being satisfied, or just the actual amount satisfied? Does it matter that the debt is not secured by the property? And if client continues to pay the full amount of the mortgage, is half the outstanding mortgage value part of the excise tax computation?<o:p></o:p></p><p class=MsoNormal>Thank you in advance for any guidance.<o:p></o:p></p><p class=MsoNormal>Eden<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><i><span style='font-size:12.0pt;font-family:"Andalus","serif";color:black;border:none windowtext 1.0pt;mso-border-alt:none windowtext 0in;padding:0in'>Eden Rubenstein Toner</span></i><span style='color:black;border:none windowtext 1.0pt;mso-border-alt:none windowtext 0in;padding:0in'><o:p></o:p></span></p><p class=MsoNormal><i><span style='font-size:10.0pt;font-family:"Andalus","serif";color:black;border:none windowtext 1.0pt;mso-border-alt:none windowtext 0in;padding:0in'>Attorney at Law</span></i><span style='color:black;border:none windowtext 1.0pt;mso-border-alt:none windowtext 0in;padding:0in'><o:p></o:p></span></p><p class=MsoNormal><i><span style='font-size:9.0pt;font-family:"Andalus","serif";color:black;border:none windowtext 1.0pt;mso-border-alt:none windowtext 0in;padding:0in'>1600-B SW Dash Point Road, #163</span></i><span style='color:black;border:none windowtext 1.0pt;mso-border-alt:none windowtext 0in;padding:0in'><o:p></o:p></span></p><p class=MsoNormal><i><span style='font-size:9.0pt;font-family:"Andalus","serif";color:black;border:none windowtext 1.0pt;mso-border-alt:none windowtext 0in;padding:0in'>Federal Way, WA 98023</span></i><span style='color:black;border:none windowtext 1.0pt;mso-border-alt:none windowtext 0in;padding:0in'><o:p></o:p></span></p><p class=MsoNormal><i><span style='font-size:9.0pt;font-family:"Andalus","serif";color:black;border:none windowtext 1.0pt;mso-border-alt:none windowtext 0in;padding:0in'>phone 206-953-4485</span></i><span style='color:black;border:none windowtext 1.0pt;mso-border-alt:none windowtext 0in;padding:0in'><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:9.0pt;font-family:"Andalus","serif";color:black;border:none windowtext 1.0pt;mso-border-alt:none windowtext 0in;padding:0in'> IMPORTANT: This e-mail message (and any attachments accompanying it) is intended to be confidential, only for the use of the intended recipient(s). If you are not the intended recipient, or if this message has been addressed to you in error, please notify me by reply e-mail, and then destroy all copies of the message and its attachments, if any. Your cooperation is greatly appreciated. My email is not encrypted; if you have sensitive information to transmit, please contact me before sending.<o:p></o:p></span></p><p class=MsoNormal><span style='color:black;border:none windowtext 1.0pt;mso-border-alt:none windowtext 0in;padding:0in'><o:p> </o:p></span></p><p class=MsoNormal><o:p> </o:p></p></div></body></html>