Miscellaneous/Transfer:
Nevada: Draft Rule Proposal Requires Transfer Tax Exemption Claimants to File Affidavit Attesting to Non-Tax Avoidance Motive
LCB File No. R135-24, Nev. Tax Comm. (7/15/24). Pursuant to existing Nevada law providing an exemption from Nevada real property transfer taxes on transfers between business entities that constitute a mere change in identity or form or place of organization unless the transfer is made to a business entity formed for the purpose of avoiding taxes on the transfer, the Nevada Tax Commission posted a draft rule proposal requiring a business entity claiming the exemption to submit to the county recorder:
An affidavit containing an attestation by the affiant that the business entity to which the real property is being transferred was not formed for the purpose of avoiding the taxes on transfers of real property; and
Certain documentation sufficient to establish that the real property is not being transferred to a business entity formed for the purpose of avoiding those taxes – including, without limitation, a plan of reorganization, proof of continuity of interest, proof of continuity of business enterprise, or proof of legitimate business purpose for the reorganization.
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