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Transfer Tax |
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The charge levied by the government on the sale of shares of stock. A charge imposed by the federal and state governments upon the passing of title to real property or a valuable interest in such property, or on the transfer of a decedent's estate by inheritance, devise, or bequest. The states also impose transfer tax on deeds used to convey real property. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Among other costs, there may be transfer tax assessed upon the deeding of the property from the partnership to the investors as tenants-in- common. Unlike previous years, the 2006-07 budget projects a 10 percent drop in the city's documentary transfer tax (based on the volume of real estate transactions within the city) from current budget year levels of about $214 million. Entitled Report on Reform of Federal Wealth Transfer Taxes and developed by the Task Force on Federal Wealth Transfer Taxes, it assesses--on the basis of simplicity, compliance, and consistency of enforcement--the temporary repeal of the estate and generation-skipping transfer taxes, the phase-out period, the continuation of the gift tax after repeal, the modified carryover basis rule and the alternatives to federal wealth transfer tax repeal. |
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