[WSBARP] Excise Tax Question

[Nick Pleasants]

Mike,
Sounds like it should qualify for WAC 458-61A-211<https://app.leg.wa.gov/WAC/default.aspx?cite=458-61A-211>(2)(a). If the beneficial owners are still the spouses 50/50, it is a mere change in form.
Best,
Nick
Nicholas Pleasants | Shareholder

[OseranHahnAttyatLaw 8]

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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Mike Jacobs
Sent: Wednesday, November 20, 2024 5:20 PM
To: wsbarp at lists.wsbarppt.com
Subject: [WSBARP] Excise Tax Question

Excise Tax Gurus,

PC and spouse own home 50/50 they want to transfer home to Washington LLC.  The WA LLC is wholly owned by their Wyoming LLC which is owned 50/50 by PC and spouse.

There is debt on the home, which lender will not call due.

Does the transfer of the home to the WA LLC change the beneficial interest such that excise tax will be owed, or is there no real change in beneficial interest because the WY  LLC is 50/50?

Sincerely,

Michael P. Jacobs
Riach Gese Jacobs, PLLC
7331 196th St. SW | PO Box 1067 | Lynnwood, WA 98036
Phone: (425) 776-3191 | Fax: (425) 425-775-0406

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