[WSBARP] REETA for entity transfer

[Mark Anderson]

A fill-in copy of the Controlling Interest Transfer Return is attached.  The amount of TOTAL DUE at the bottom is automatically and entered as you fill in Section 5.  Note that filling in the applicable WAC exemption in Section 7 does not automatically reduce the total amount due at the bottom of the page to zero.  You will have to look around for some white out for that.

Also, this form agrees with Nick: if you are claiming a gift exemption, you must include a completed Real Estate Excise Tax Supplemental Statement.

Mark B. Anderson
ANDERSON LAW FIRM PLLC
821 Dock St  Ste 209  PMB 4-12
Tacoma, Washington 98402
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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Nick Pleasants
Sent: 11/02/2022 12:43 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] REETA for entity transfer

Section 7: "If you conclude that one of these exemptions applies to you please reference the Title and WAC number here. --->"
You can also attach a narrative statement if that seems necessary. And if you are using WAC 458-61A-201 for gift, then you probably want to attach the gift supplemental statement as well.
Best,
Nick

Nicholas Pleasants | Shareholder

[OseranHahnAttyatLaw 8]

11225 SE 6th Street | Suite 100 | Bellevue, WA 98004
Main: (425) 455-3900 | Fax: (425) 455-9201 | E-mail: npleasants at ohswlaw.com<mailto:npleasants at ohswlaw.com>

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From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com>> On Behalf Of Chris B
Sent: Wednesday, November 2, 2022 12:00 PM
To: wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] REETA for entity transfer

I have a client who will be gifting her 50% ownership interest in an LLC which owns Seattle area RE to her nephew.  The property is F&C and of course, the LLC has no debt either.

https://dor.wa.gov/sites/default/files/2022-10/84-0001b-Jan2023.pdf?uid=6361558e64656

I see in the instructions, "(8) Reporting requirements.
(a) The transfer of a controlling interest in real property must be reported to the department when no instrument is recorded in the official real property records of the county in which the property is located. If the transfer is not taxable due to an exemption, that exemption should be stated on the affidavit."

So, where does one list the exception?  Am I missing something?

Chris Benis
First Avenue Law Group, PLLC
321 First Avenue West, Seattle, WA  98119
206.447-1900 office - 206.447.9075 fax - www. firstavenuelaw.com

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To comply with recent IRS rules, we must inform you that this message, if it contains advice relating to federal taxes, was not intended or written to be used, and it cannot be used, for the purpose of avoiding penalties that may be imposed under federal tax law.  Under recent IRS rules, a taxpayer may rely on professional advice to avoid federal tax penalties only if that advice is reflected in a comprehensive tax opinion that conforms to stringent requirements under federal law.  Please contact me if you would like to discuss our preparation of an opinion that conforms to these new rules.

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