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When Chase Manhattan merged into Chemical Bank, it was subject to the RPTT and RETT, but, if Chase Manhattan had sold 49 percent of its outstanding shares and used the proceeds to purchase Chemical Bank, Chase Manhattan would not be subject to the RPTT or the RETT.
Unaware of these complicated and hardline rules, the average taxpayer is substantially more likely to be subject to the RETT and the RPTT, with absolutely no regard or potential recourse provided for those effectuating a number of basic transactions within a three-year period.
Another reason to reconsider the current standing of the RETT and the RPTT is the "Lock-In Effect" created by the imposition of these taxes.
(112) In the case of controlling interest transfers, the RETT and RPTT are generally computed based on the FMV of the real property interest held by the owning entity apportioned based on the percentage of the economic interest in the entity being transferred or acquired.
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