[WSBARP] Gifting Exemptions

[Mark Anderson]

Parents own Parcel #1 and want to gift it to child.  Parents are also the sole members of and LLC, which owns Parcel #2, a different parcel of real property.  Parents want to gift 100% of their membership interest in the LLC to the child.  After all is said and done, child wants the LLC to own both Parcel #1 and Parcel #2.

I know that if parents transfer Parcel #1 into the LLC, that transaction is exempt from excise tax under WAC 458-61A-211.  If parents then gift the LLC to their child, can that transfer be exempt from excise tax as a gift?  How would that gift be documented?

Thanks in advance.

Mark B. Anderson
ANDERSON LAW FIRM PLLC
821 Dock St  Ste 209  PMB 4-12
Tacoma, Washington 98402
+1 253-327-1750
+1 253-327-1751 (fax)
marka at mbaesq.com<mailto:marka at mbaesq.com>
www.mbaesq.com<http://www.mbaesq.com/>
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