[WSBARP] REET tax and change of cotnrolling interest

[Josh Grant]

Happy to Rod...
More simply,  When less than 50% minority members assign their membership interest to kids (who are also minority members); and after assignment kids are still all minority members, and it is a gift... not a sale...  I assume there is no requirement to file a controlling interest REET affid. and/or pay REET taxes?
thanks
Josh
Joshua F. Grant

P. O. Box 619
Wilbur, WA 99185
509 647 5578

From: Rod Harmon 
Sent: Thursday, June 02, 2022 9:14 AM
To: WSBA Real Property Listserv 
Subject: Re: [WSBARP] REET tax and change of cotnrolling interest

Joshua, I am not following your math.  Could you clarify?

 

Rod Harmon

 

RODNEY T. HARMON

       Attorney at Law

         P.O. Box 1066

      Bothell, WA   98041

     Tel:   (425) 402-7800

     Fax:  (425) 458-9096

    www.rodharmon.com

   rodharmon at msn.com

 

 

 

 

From: wsbarp-bounces at lists.wsbarppt.com On Behalf Of Josh Grant
Sent: Wednesday, June 1, 2022 3:48 PM
To: wsbar <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] REET tax and change of cotnrolling interest

 

Mom and dad own 48% (25% each) of an LLC with a $1,000,000 parcel of real estate. The kdis own the rest.

Mom and Dad gifted their 48% to the kids so now the kids each own 25% of the LLC each.

No sale all gifts.

Please confirm that the Controlling Interest Transfer, in this case where there is no sale.. is not triggered. 

Thanks

Joshua F. Grant

P. O. Box 619
Wilbur, WA 99185
509 647 5578



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