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AGO Opinions with Topic: SALE OF ESTATE OF ONE VENDEE TO REMAINING VENDEES
AGO 1965 No. 64 >  December 30, 1965
TAXATION - REAL ESTATE EXCISE - JOINT PURCHASE OF PROPERTY - SALE OF ESTATE OF ONE VENDEE TO REMAINING VENDEES
TAXATION ‑- REAL ESTATE EXCISE ‑- JOINT PURCHASE OF PROPERTY ‑- SALE OF ESTATE OF ONE VENDEE TO REMAINING VENDEES Where a number of vendees under an executory contract for the sale of real estate are jointly and severally liable for payment of the full purchase price, the real estate tax on the transfer of one of the vendees' interest to the remaining vendees is measured by the amount paid for the transferring vendee's equity in the land plus the proportional share of the transferring vendee remaining unpaid on the balance of the contract of sale at the time of the transfer to the remaining vendees.
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