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<font face="Times New Roman, Times, serif">If the property is the
sole significant asset of the corporation, the client and spouse
might agree that all corporate shares are held as community
property, perhaps orally and certainly with a simply agreement as
to status of property. No need to record anything at that stage.<br>
<br>
Then when the corporation quitclaims the property to client and
spouse you can properly claim it to be exempt as mere change in
identity.<br>
<br>
Doug Schafer<br>
</font><br>
<div class="moz-cite-prefix">On 12/9/2021 17:40, Inge Fordham wrote:<br>
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<p class="MsoNormal">Colleagues,<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">A client is refinancing a property that is
presently titled in the name of a corporation the client owns
(100%). The client seeks to quit claim a property from the
corporation to himself and his spouse. However, I’m not sure
this can be done in a single transaction without triggering
excise tax on the 50% beneficial interest being transferred to
the spouse. I realize that we can claim exemptions on the
transfer from the corporation to the client (a mere change in
identity) and then from the client to the client and his
spouse (for purposes of creating community property). I’m
trying to save him the cost of preparing and recording two
separate quit claim deeds. Is there any way to accomplish
this in one exempt transaction? (I’m also concerned that the
auditor’s office will get testy if we claim two separate
exemptions).<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Thank you in advance,<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal" style="margin-bottom:3.0pt"><b><span
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A. Fordham | Attorney</span></b><span
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<p class="MsoNormal" style="margin-bottom:3.0pt"><span
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