[WSBARP] Transfer of commercial property from corporation to LLC

Fri Jan 23 09:41:40 PST 2015

Even though excise tax exempt, suggest you consult a CPA regarding taxable event of transferring real property out of corporation to LLC or to owners. There will likely be CG on difference in tax basis of the real property in the Corp and the FMV at date of transfer. 

Sincerely,

Tom

Thomas J. Westbrook

Attorney at Law

Rodgers, Kee & Card

324 West Bay Drive NW, Suite 201

Olympia, Washington  98502

Phone: 360-352-8311

Facsimile: 360-352-8501

Email: tjw at buddbaylaw.com

Skype: thomas.westbrook

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From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of PrestonFoskey
Sent: Friday, January 23, 2015 9:25 AM
To: WSBA Real Property Listserv
Subject: Re: [WSBARP] Transfer of commercial property from corporation to LLC

Brett:

                Thank you.  Exactly what I was hoping to file.  Appreciate the help saved me research time.

Preston L. Foskey, Attorney at Law

WSBA # 12509

Preston L. Foskey, P. S.

8248 East D Street

Tacoma, Washington 98404-1042

Phone:  253.535.5829  Fax:  253.535.9391

E-Mail:  preston at plfps.comcastbiz.net

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From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Brett Sullivan
Sent: Friday, January 23, 2015 9:22 AM
To: WSBA Real Property Listserv
Subject: Re: [WSBARP] Transfer of commercial property from corporation to LLC

Preston- see http://app.leg.wa.gov/WAC/default.aspx?cite=458-61A-211 for an exemption from Washington excise tax that might apply.

Brett T. Sullivan

Attorney at Law

Sullivan Stromberg, PLLC

827 W. 1st Ave., Suite 425
Spokane, WA  99201-3914

P: (509) 413-1004 x.100

D: (509) 828-4642

F: (509) 413-1078

E: bretts at sullivanstromberg.com

http://www.sullivanstromberg.com

http://www.twitter.com/sullivanlawyer

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On Fri, Jan 23, 2015 at 9:05 AM, PrestonFoskey <preston at plfps.comcastbiz.net> wrote:

Listmates:

                Client has small family corporation that owns real property with small apartment complex.  Client wants to form LLC and transfer real property from corporation to LLC.

                Will client be required to pay excise tax on transfer from corporation to LLC when owners of corporation are same individuals as members of LLC?

                Thanks in advance.

Preston L. Foskey, Attorney at Law

WSBA # 12509

Preston L. Foskey, P. S.

8248 East D Street

Tacoma, Washington 98404-1042

Phone:  253.535.5829  Fax:  253.535.9391

E-Mail:  preston at plfps.comcastbiz.net

WARNING:  This email (including any attachments) is covered by the Electronic Communications Privacy Act (EPCA), 18 U.S.C., Sec. 2510 - 2522, is confidential and privileged.  This email is solely for the use of the addressee(s) named above.  Receipt by anyone other than the individual recipient is NOT a waiver of attorney-client privilege.  Any violation of the ECPA is subject to the penalties stated therein.

SPECIAL NOTICE TO CLIENT(S):  If you are my client this email is directed to you, DO NOT FORWARD to any other party, or you could be waiving the attorney-client privilege.

Notice:  The information contained in this e-mail is confidential and may also be attorney-client privileged.  This information is intented only for the use of the individual or entity to whom it is addressed.  If you are not the intended recipient, or the employee or agent responsible to deliver it to the intended recipient, you are hereby notified that any use, dissemination, distribution,or copying of this communication is strictly prohibited.  If you have received this e-mail in error, pleasee immediately notify me by replying to this e-mail and deleted the original.  Thank you.

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