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RLD
Joined: 10 Nov 2008
Posts: 4
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| Posted: Fri Nov 14, 2008 10:53 am Post subject: RI STATE TAX LAW |
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| If I have an LLC Real Estate Company (1 bldg; commerical zoned) and it is owned by my husband and myself (the Real Estate Co), can we just transfer ownership of the one bldg. to us personally and close the LLC Real Estate company (only had the one bldg) without it having to be a sale? And would the sale have to be at fair market value? |
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Richard Noot
Joined: 20 Aug 2005
Posts: 896
Location: Minnesota
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| Posted: Fri Nov 14, 2008 11:20 am Post subject: Re: RI STATE TAX LAW |
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RLD wrote: If I have an LLC Real Estate Company (1 bldg; commerical zoned) and it is owned by my husband and myself (the Real Estate Co), can we just transfer ownership of the one bldg. to us personally and close the LLC Real Estate company (only had the one bldg) without it having to be a sale? And would the sale have to be at fair market value?
What you would have sould be what is called a related party sale. Yes, it would have to be at FMV |
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RLD
Joined: 10 Nov 2008
Posts: 4
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| Posted: Tue Nov 18, 2008 2:22 pm Post subject: thank you for your response |
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| thank you for your response to my question. You have confirmed what I was told but was hoping for a different answer :) |
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