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AGO Opinions with Topic: TRANSFER BY DEED IN LIEU OF FORECLOSURE
AGO 1965 No. 47 >  October 14, 1965
TAXATION - PROPERTY - REAL ESTATE EXCISE TAX - TRANSFER BY DEED IN LIEU OF FORECLOSURE - RESALE UNDER CONTRACT OF SALE
TAXATION - PROPERTY ‑- REAL ESTATE EXCISE TAX ‑- TRANSFER BY DEED IN LIEU OF FORECLOSURE ‑- RESALE UNDER CONTRACT OF SALE 1. The real estate excise tax does not apply to a transfer of real estate by deed from a mortgagee to the mortgagor in lieu of foreclosure. 2. Same:   The tax does apply to the immediate resale of the property by the mortgagee to the mortgagor under a contract of sale. 3. Same:   The fact that the two transfers constitute an over-all agreement between the parties does not affect the tax consequences.
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