Losing Control: How Varying Real Estate Transfer Tax Treatment Of Entity Interest Transfers Creates Confusion For Taxpayers

The Bloomberg BNA Tax Management Weekly State Tax Report filters through current state developments and analyzes those critical to multistate tax planning.

Many states and local jurisdictions impose a tax on the transfer of a “controlling interest” in an entity that directly or indirectly holds real property. In this article, Sean Kanousis, Sam Melehani and Reed Schreiter discuss the unique controlling interest transfer tax rules for commercial real property in two states — New York and Pennsylvania — and in two cities — New York City and Philadelphia.