Maryland Form Mw506ae - Application For Certificate Of Full Or Partial Exemption - 2011 Page 4
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5Line 3. Transfer is pursuant to an
property other than stock in the trans-
Required documentation: Copy of
installment sale under §453 of the
feree which is part of the consideration
agreement governing transfer between
Internal Revenue Code.
for the exchange. The fair market value
transferor and transferee; copy of the
of any such other property and/or
partnership agreement of the trans-
Required documentation: Copy
any money which is part of the con-
feree.
of contract of sale or copy of HUD-1
sideration for the exchange must be
settlement sheet; copy of promissory
stated on the application as the taxable
e. Transfer is by a partnership to a
note to transferor which will be
amount.
partner of the partnership in accor-
executed by transferee at settlement.
dance with §731 of the Internal Rev-
That portion of the total payment that
b. Transfer is pursuant to a tax-free
enue Code.
the transferor receives at or within
reorganization as described in §361 of
sixty (60) days of settlement must be
the Internal Revenue Code.
Required documentation: Copy of
stated on the application as the taxable
agreement governing transfer between
amount.
Required documentation: Copy
transferor and transferee; copy of the
of agreement governing the transfer
partnership agreement of the transferor.
Line 4. Transfer of inherited property
between transferor and transferee; Cer-
is occurring within 6 months of date of
tificates of Good Standing of transferor
f. Transfer is treated as a transfer by
death.
and transferee issued by the state(s)
a real estate investment trust for pur-
in which transferor and transferee are
poses of §857 of the Internal Revenue
Required Documentation:
incorporated; copy of the plan or reor-
Code.
Provide a copy of the death certificate
ganization showing that transferor and
and a copy of the estimated HUD-
transferee are parties to the reorgani-
Required documentation: Copy of
1 settlement sheet from the title
zation; and an appraisal establishing
agreement governing transfer between
company.
the fair market value, at the time of the
transferor and transferee; certified copy
Line 5. Transferor/seller is receiving
exchange, of any property other than
of Articles of Incorporation of trans-
zero proceeds from this transaction.
stock or securities in the transferee
feror; Certificate of Good Standing of
which is part of the consideration for
transferor issued by the state in which
Required Documentation: A copy
the exchange and will not be distribut-
transferor is incorporated.
of a letter from the transferor/seller to
ed by the transferor in pursuance of the
the title company advising they are to
plan of reorganization. The fair market
g. Transfer is pursuant to a condem-
receive zero proceeds from the sale
value of any such other property and/or
nation and conversion into a similar
and advising to whom the proceeds are
any money which is part of the con-
property for purposes of §1033 of the
to go; a copy of the acknowledgment
sideration for the exchange must be
Internal Revenue Code.
letter from the title company to the
stated on the application as the taxable
transferor/seller.
Required documentation: Copy of
amount.
agreement governing transfer between
Line 6. Transfer is one of the following
c. Transfer is by a tax-exempt entity
transferor and government body or
transactions. Please note the code
for purposes of §501(a) of the Internal
authority condemning the property;
letter and record it in the box on page 2
Revenue Code and transfer involves
notarized affidavit executed by trans-
of Form MW506AE.
limited or no unrelated business tax-
feror stating that transferor will identify
able income under §512 of the Internal
and purchase replacement property
a. Transfer is to a corporation con-
Revenue Code.
within the time limits required by §1033
trolled by the transferor for purposes of
of the Internal Revenue Code, or copy
§351 of the Internal Revenue Code.
Required documentation: Copy of
of contract of sale if transferor has
determination by the Internal Revenue
already identified replacement property.
Required documentation: Copy
Service that transferor is a tax-exempt
If proceeds from condemnation exceed
of the agreement of sale; Certificate
entity for purpose of §501(a) of the
price of replacement property, the ex-
of Good Standing of transferee is-
Internal Revenue Code; Certificate of
cess must be stated on the application
sued by the state in which transferee
Good Standing of transferor issued by
as the taxable amount.
is incorporated; notarized affidavit
the state in which transferor is incorpo-
executed on behalf of transferee by
rated; notarized affidavit executed on
h. Transfer is between spouses or in-
its President and its Treasurer stating
behalf of transferor by its President and
cident to divorce for purposes of §1041
that immediately after the exchange
by its Treasurer stating that the transfer
of the Internal Revenue Code.
the transferor(s) will own stock in the
involves limited or no unrelated busi-
transferee possessing at least eighty
ness income under §512 of the Internal
Required documentation: Copy
percent (80%) of the total combined
Revenue Code.
of marriage license or divorce decree;
voting power of all classes of trans-
copy of deed which will be recorded to
feree’s stock entitled to vote and at
d. Transfer is to a partnership in
accomplish the transfer; if incident to
least eighty percent (80%) of the total
exchange for an interest in the part-
divorce, copy of section of court order
number of shares of all other classes of
nership such that no gain or loss is
or separation agreement governing
stock of the transferee; and an apprais-
recognized under §721 of the Internal
transfer of the property.
al establishing the fair market value,
Revenue Code.
at the time of the exchange, of any
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