An Ohio corporation transfers a commercial property to a newly formed subsidiary corporation. The parent corporation owns 100% of the subsidiary. What is the conveyance fee implication?
Correct Answer
C) The transfer may be exempt as a transfer between a parent corporation and its wholly-owned subsidiary with no consideration
Under ORC §319.54(G)(3), transfers between a parent corporation and its wholly-owned subsidiary where no monetary consideration is exchanged may qualify for exemption from the conveyance fee. This exemption facilitates corporate restructuring without triggering unnecessary transfer costs.
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