GENERAL CHARACTERISTICS

If you have a condo in NYS prior planning had been to transfer the residence in an LLC and avoid NYS estate tax as an intangible property. NYS Tax Department has issued an advisory opinion saying owning real estate in a single member LLC will not avoid situs in NY by converting it to an intangible asset. IRS took a similar position in Pierre v. Comr. Instead use a limited partnership with an ... ................
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