Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2017

Property Tax Annotations

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Annotation 625.0151

625.0151 Partnership. Section 2, Chapter 48 of the Statutes of 1987 expressly provided that transfers of real property between eligible transferors (parents) and eligible transferees (children) are excluded from change in ownership when the transfers are immediately followed by a transfer from the eligible transferee(s) to a partnership or other legal entity where the transferee(s) are the sole owner(s) of the entity or are the beneficial owner(s) of the property, if the transfer satisfies the requirements of section 63.1.

Following a parent-child transfer of real property and a subsequent transfer to a legal entity composed of transferee children and parents, such a transfer to the legal entity may fall within the protection of section 2 from application of the step-transaction doctrine, but the conclusion is not free of doubt. C 3/3/1995.