Real Estate / Development
Jul. 3, 2017
State Supreme Court expands application of transfer tax
In a 6-1 decision, the California Supreme Court has upheld an appellate court ruling that allowed Los Angeles County to impose a tax on the transfer of an interest in a legal entity that owns California real estate.
In a 6-1 decision, the state Supreme Court has upheld an appellate court ruling that allowed Los Angeles County to impose a tax on the transfer of an interest in a legal entity that owns California real estate.
The co-owners of a 21-unit complex at 926 N. Ardmore Avenue in East Hollywood argued that they were exempt from the transfer tax because the property itself never changed hands. Ownership stakes were instead transferred through a family trust they inherited.
The co...
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