Nevada Tax Commission Proposes Amendments to Real Property Transfer Tax Exemption Rules

The Nevada Tax Commission has proposed amendments to regulations regarding requirements for business entities claiming exemption from real property transfer tax. The proposed amendment would require business entities claiming an exemption for transfers that constitute a mere change in identity, form, or place of organization to submit an affidavit for exemption to the county recorder, containing an attestation that the receiving entity was not formed to avoid transfer taxes. Additionally, the entity must provide supporting documentation such as a plan of reorganization, proof of continuity of interest, proof of continuity of business enterprise, or proof of legitimate business purpose. [Nev. ...