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Avoiding Property Tax Penalties for Not Reporting Transfers of Interests in Entities
Taxation Section
Credit(s):
1.5 Legal Specialization in Taxation Law
1.5 Participatory MCLE Credits
This session will provide information on reporting requirements for transfers of interests in legal entities (transfers of corporate voting stock, transfers of membership/partnership interests for limited liability companies and partnerships) when an entity owns California real property. Transfers of interests at the upper or middle tier of the organizational structure can require property tax reporting even if the entity for which the transfer took place did not itself hold California real property; if an entity in the lower tier of the organizational structure held California real property it can experience a change in control. The discussion will address the difference in reporting transfers of property owned by legal entities versus reporting transfers of interests in legal entities. California property tax law requires reporting to the State Board of Equalization if a change in control under Revenue and Taxation Code section 64(c) or change in ownership under section 64(d) occurs affecting California real property; reporting is required within 90 days of the event date regardless of whether or not the event qualifies for exclusion from re-assessment. There are significant penalties for entities that do not report such transfers. The session will also discuss Documentary Transfer Tax reporting in California.
1.5 Legal Specialization in Taxation Law
1.5 Participatory MCLE Credits
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