Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2014
 

Property Tax Annotations


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C

220.0000 CHANGE IN OWNERSHIP

Annotation 220.0530

220.0530 Partnership Dissolution – Transfer to Heirs.

1. The dissolution of a partnership due to the death of the partners and the winding up of the partnership by the sole surviving partner does not constitute a change in control/ownership of the partnership under section 64(c).

2. The parent-child exclusion in section 63.1 is not applicable to the transfer of partnership interests to deceased partners' heirs.

3. Partnership's distribution of interests in real property to deceased partners' heirs may be excluded from change in ownership under section 62(a)(2), providing that the percentages of the property interests transferred are exactly proportionate to the partnership interests held by each heir. C 3/10/1994.