Re: Purchase by a Non-profit corporation

After taking title, the non-profit should file an application for exemption of real property taxes going forward. I haven't done this for a while, but it would become effective for the following RE Tax year and continue so long as the property was used by the non-profit for fully exempt purposes, i.e., not for income purposes outside the non=profit's purposes.

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From: Miriam N. Jacobson
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Real Estate Transactions and Estate Planning and Administration
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> -------- Original Message --------
> Subject: [realproperty] Re: Purchase by a Non-profit corporation
> From: "Marvin Rudnitsky" <rudnitsky_at_rudnitskyhackman.com>
> Date: Fri, November 10, 2006 5:42 pm
> To: "Craig Fox" <cfox_at_foxandfoxlaw.com>, <realproperty_at_list.pabar.org>
>
>
> Got to get to a dinner meeting, but quickly there is no transfer tax exemption for transfer of real estate to a charity.
> Marvin J. Rudnitsky, J.D. Rudnitsky & Hackman, LLP The Courtyard Offices 1372 N. Susquehanna Trail, Suite 130 Selinsgrove, PA 17870 (570) 743-2333 phone (570) 743-2347 fax (888) 505-6115 toll-free rudnitsky_at_rudnitskyhackman.com www.rudnitskyhackman.com --------------------------------------------------------
>
> IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that the federal tax advice (if any) contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transactions or matter addressed herein.
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> From: realproperty-bounce_at_list.pabar.org [mailto:realproperty-bounce_at_list.pabar.org] On Behalf Of Craig Fox
> Sent: Friday, November 10, 2006 4:51 PM
> To: realproperty_at_list.pabar.org
> Subject: [realproperty] Purchase by a Non-profit corporation Any exemption for transfer tax imposed when a non profit corporation purchases a property? Also, how do you deal with the property taxes (exemption) both at closing (prorations) and after closing (so they do not have to pay them)? Thanks for any input. Craig H. Fox
> Fox and Fox Attorneys at Law
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Received on Sat Nov 11 2006 - 08:43:11 PST