Section 15.03. Imposition of real estate transfer fee.

  A real estate transfer fee is imposed on the grantor of real estate on every conveyance not exempted under s. 77.25 , Stats. Real estate conveyances which are taxable under s. 77.22 , Stats., include:

(1)  Corporation conveyances:

(a) From a corporation to a partnership, and from a partnership to a corporation.

(b) From an individual to a corporation, and from a corporation to an individual.

(c) From a corporation to its stockholders pursuant to a plan of liquidation.

(d) From one corporation to another, both of which have the same parent corporation, that is, conveyances between "sister" corporations.

(e) From a corporation to another caused by a "spin-off." A spin-off occurs when, after a part of the assets of corporation `A' is transferred to corporation `B' controlled by the transferor `A,' stock or securities in the latter `B' are distributed to the shareholders of the controlling corporation `A,' without a surrender by corporation `B's' shareholders of any of their stock or securities.

(f) From a corporation to another caused by a "split-up." In a split-up the distributing corporation `A' transfers its assets to 2 or more newly created corporations in exchange for their stock and effects a complete liquidation, `A's' shareholders receiving stock in the new corporations in exchange for the distributing corporation's stock.

(g) From one corporation to another pursuant to any bankruptcy provision.

(h) From a parent corporation to a subsidiary corporation in exchange for stock.

(2)  Conveyances by means of a sheriff's sale where the grantee is a third party with no prior interest in the deed or mortgage.

(3)  Conveyances of real property between stepchildren, natural children or stepparent and stepchild.

(4)  Conveyances by dissolution of a partnership.

(5)  Conveyances between an individual and a tax-exempt organization.

(6)  Conveyances of timber or mineral rights.

(7)  Court ordered conveyances by a county to satisfy an old age assistance lien.

(8)  Conveyances of a remainder interest in real property.

(9)  Conveyances of real property from a trustor to a trustee.

(10)  Bankruptcy court ordered conveyances.

History: Cr. Register, December, 1981, No. 312 , eff. 1-1-82; CR 13-037 : renum. (2) intro. to (2) and am., r. (2) (a) to (c) Register February 2014 No. 698 , eff. 3-1-14.

Note

This section interprets s. 77.22 (1) , Stats. Microsoft Windows NT 6.1.7601 Service Pack 1