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<p class="MsoNormal">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.
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<p class="MsoNormal"><a href="https://dor.wa.gov/sites/default/files/2022-10/84-0001b-Jan2023.pdf?uid=6361558e64656">https://dor.wa.gov/sites/default/files/2022-10/84-0001b-Jan2023.pdf?uid=6361558e64656</a>
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<p class="MsoNormal">I see in the instructions,<i> “(8) Reporting requirements.<o:p></o:p></i></p>
<p class="MsoNormal"><i>(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.”<o:p></o:p></i></p>
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<p class="MsoNormal">So, where does one list the exception? Am I missing something?<o:p></o:p></p>
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<p class="MsoNormal">Chris Benis<o:p></o:p></p>
<p class="MsoNormal">First Avenue Law Group, PLLC<o:p></o:p></p>
<p class="MsoNormal">321 First Avenue West, Seattle, WA 98119<o:p></o:p></p>
<p class="MsoNormal">206.447-1900 office – 206.447.9075 fax – www. firstavenuelaw.com
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<p class="MsoNormal"> <o:p></o:p></p>
<p class="MsoNormal">This message contains information that may be CONFIDENTIAL AND PRIVILEGED. Unless you are the addressee (or authorized to receive for the addressee), you may not use, copy or disclose to anyone the message or any information contained
in the message. If you have received the message in error, please advise the sender by reply e-mail chrisb@firstavenuelaw.com, and delete this message. Thank you very much.<o:p></o:p></p>
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<p class="MsoNormal">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.<o:p></o:p></p>
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