[WSBARP] excise tax exemption

[Robert R. Cole]

Right, there is not any consideration.  FYI, the IRA outfit tells me it 
uses 211(2)(b) no change in beneficial ownership.  So there are 3 
possibilities, none of which really fit....  I will keep you informed as 
to our success or lack thereof.

Very Truly Yours,

Robert R. Cole

Law Office of Cole & Gilday, P.C.

10101 - 270th St. NW

Stanwood, WA 98292

(360) 629-2900 (Telephone)

(360) 629-0220 (Fax)

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On 7/7/2021 2:09 PM, John J. Sullivan wrote:
> Also there isn’t really any consideration, is there?
>
> Sent from my iPhone
>
>> On Jul 7, 2021, at 2:08 PM, John J. Sullivan <sullaw at comcast.net> wrote:
>>
>>  I’m pretty sure Rule 212 is limited to exemptions due to entity 
>> formation etc. it’s not a generic rule. It specifically excludes 
>> certain other types of transactions that are exempt from income 
>> taxation. What renders this rollover nontaxable under the IRC is not 
>> an exemption of the transaction but the exemption of the plan and trust.
>>
>> Since the 401(k) is a trust, I would try to fit the transaction into 
>> either Rule 210 or 210. Off the top of my head I can’t recall whether 
>> an IRA is a trust.
>>
>> The disconnect between federal income taxation and WA taxation, 
>> whether REET or even B&O has been exacerbated as the SCOTUS has 
>> limited the scope of ERISA preemption over the last 25 years.
>>
>> John J. Sullivan
>>
>> Sent from my iPhone
>>
>>> On Jul 7, 2021, at 1:19 PM, Bryce Dille <Bryce at dillelaw.com> wrote:
>>>
>>> 
>>>
>>> Based on WAC 458-61A-212(1) that if the transfer does not involve 
>>> the recognition of gain or loss for income tax purposes it is not 
>>> subject to excise tax.. I realize this WAC refers to entity 
>>> formation, liquidation, dissolution or reorganization it is not that 
>>> much of a stretch to include your proposed transaction which I have 
>>> done before and never questioned.
>>>
>>> Bryce H. Dille
>>>
>>> Dille Law, PLLC
>>>
>>> 2010 Caton Way SW Ste. 101
>>>
>>> Olympia, WA 98502
>>>
>>> Office: 360-350-0270
>>>
>>> Cell: 253-579-5561
>>>
>>> ** Please note that I use the dictation feature of my iPhone and 
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>>> Business Entity Creation and Management, Business, Government and 
>>> Tax Law, Real Estate and Land Use, Residential, Commercial and 
>>> Condominium Development Real Estate and Commercial Transactions & 
>>> Closings, Including Performing Services as IRS Section 1031 Exchange 
>>> Facilitator Estate Planning, including Wills and Trusts, and Probate 
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>>> *From:*wsbarp-bounces at lists.wsbarppt.com 
>>> <wsbarp-bounces at lists.wsbarppt.com> *On Behalf Of *Robert R. Cole
>>> *Sent:* Wednesday, July 7, 2021 1:08 PM
>>> *To:* WSBA Probate & Trust Listserv <wsbarp at lists.wsbarppt.com>
>>> *Subject:* [WSBARP] excise tax exemption
>>>
>>> I am preparing a deed from a corporation's  401(k) trust to rollover 
>>> real estate to an IRA.  No change of beneficial ownership, but the 
>>> 401(k) indicated ownership only internally (this property was long 
>>> ago allocated to the beneficiary/employee, but the deed by which the 
>>> 401(k) held title did not ever mention the beneficiary, although she 
>>> paid the property taxes).  I see no mention of retirement plan 
>>> rollovers in the WAC exemptions, but there should be one.  Thanks 
>>> for letting me know what has worked.
>>>
>>> -- 
>>>
>>> Very Truly Yours,
>>>
>>> Robert R. Cole
>>>
>>> Law Office of Cole & Gilday, P.C.
>>>
>>> 10101 - 270th St. NW
>>>
>>> Stanwood, WA 98292
>>>
>>> (360) 629-2900 (Telephone)
>>>
>>> (360) 629-0220 (Fax)
>>>
>>> This message contains confidential and privileged information that 
>>> is intended only for the named recipient(s).  Unless you are the 
>>> named recipient or authorized agent thereof, you are prohibited from 
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