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You also have a potential Federal income tax issue. This first question is how have they been accounting for the joint ownership. Partners or tenants in common? Depending on many other factors you may be able to create a partnership then do a distrubution
in complete liquidation. This or a similar structure could get you around both the state excise and federal income tax. Not enough information to know if this concept is feasible.
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Get <a href="https://aka.ms/ghei36">Outlook for Android</a></div>
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<div id="divRplyFwdMsg" dir="ltr"><font face="Calibri, sans-serif" color="#000000" style="font-size:11pt"><b>From:</b> wsbarp-bounces@lists.wsbarppt.com <wsbarp-bounces@lists.wsbarppt.com> on behalf of Robert West <rwest@westlawoffices.com><br>
<b>Sent:</b> Friday, July 12, 2019 1:06:55 PM<br>
<b>To:</b> wsbarp@lists.wsbarppt.com<br>
<b>Subject:</b> [WSBARP] Exchange of co-ownership interests</font>
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<p class="MsoNormal" style="margin-right:5.75pt"><b><span style="font-size:10.0pt; font-family:"Calibri",sans-serif; color:teal">ROBERT E.WEST, JR.</span></b></p>
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</span><span style="font-size:6.0pt; font-family:"Calibri",sans-serif; color:red">IRS Circular 230 Notice:</span><span style="font-size:6.0pt; font-family:"Calibri",sans-serif; color:windowtext"> To ensure compliance with requirements imposed by the IRS, we
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