Bulletin: NY000056

Date:
September 09, 1994
To:
New York State Counsel, Managers, Underwriters and Agents
RE:
"Mere Change of Identity" and the Gains Tax

Dear Associates:

The N. Y. State Commissioner of Taxation and Finance has issued Taxpayer Services Bulletin TSB-A-94(10)-R, which is an Advisory Opinion on the issue of the exemption from the transfer gains tax where there is a mere change of identity.

Swapping property interests among tenants in common so that each has individual title to a portion of the properties is not a mere change of identity, according to the Department of Taxation and Finance.

THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
19.04 Taxes And Assessments
Exceptions Manual:
None
Forms:
None