[WSBARP] Nonprofit buying out a nonprofit - REET Exemption?

[Nick Pleasants]

Hello,
Suppose a nonprofit corporation is functionally bankrupt but has a building with a mortgage on it. Another nonprofit with similar purpose desires to acquire the building and assume the mortgage. Potentially tax would be owed on the balance of the mortgage. Is there any exemption from REET for this? We are looking at WAC 458-61A-212, but concerned with the comment in WAC 458-61A-100(4).
Appreciate any experience folks might have with this.
Best,
Nick


Nicholas Pleasants | Shareholder



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