West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-22 - Property Transfer Tax › Section 110-22-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. "Person"
				includes firms, associations and corporations.
2.2. "Commissioner" means the State Tax
				Commissioner.
2.3. "Office of the
				Chief Inspector" means the State Auditor's Chief Inspection Division.
2.4. "Transaction" means the delivering,
				accepting or presenting for recording of a document.
2.5. "Value" means in the case of any
				document not a gift, the amount of the full consideration paid or to be paid,
				including any liens to be assumed; in the case of a gift or any other document
				without consideration, the actual monetary value of the property conveyed or
				transferred.
2.6. "Document" means
				any deed or any other written instrument which transfers real property, or any
				interest in real property, within this State from one person to another.
2.6.1. "Document" does not mean or include
				the following, which are, therefore, not subject to the property transfer tax,
				to wit:
2.6.1.1. A Will.
2.6.1.2. A deed or other written instrument
				which transfers real property, or any interest therein, having a value of one
				hundred dollars ($100) or less. Thus, a deed transferring real property values
				at one hundred dollars and one cent ($100.01) is taxable, while a deed
				transferring real property valued at one hundred dollars ($100) or less is not
				taxable.
2.6.1.3. A testamentary
				trust. -- This is a transfer of property to a trustee for the benefit of a
				third party and which becomes effective upon death of the person making the
				transfer.
2.6.1.4. Intervivos
				trust. -- This is a transfer of property to a trustee for the benefit of a
				third party which is effective during the life of the person making the
				transfer.
2.6.1.5. A deed of
				partition. -- A division of land between co-owners.
2.6.1.6. A deed made pursuant to mergers of
				corporations.
2.6.1.7. A deed made
				by a subsidiary corporation to its parent corporation for no consideration
				other than the cancellation or surrender of subsidiary's stock. Such a
				transaction would be taxable if any consideration involved would exceed one
				hundred dollars ($100).
2.6.1.8. A
				lease.
2.6.1.9. Any transfer
				between husband and wife.
2.6.1.10.
				Any transfer between parent and child and his or her spouse, without
				consideration, or between child and parent. A parent can give his child and his
				or her spouse real property and the transfer is not taxable, but if he sells it
				to the child and his or her spouse, the transfer is taxable if the selling
				price exceeds one hundred dollars ($100).
2.6.1.11. A transfer between any person and a
				"straw" party for any purpose when the transfer is without
				consideration.
2.6.1.12. Gifts to,
				or transfers from or between voluntary charitable or educational associations
				or trustees thereof and like nonprofit corporations having the same, or
				similar, purposes. Transfers with consideration to such associations by a third
				party are subject to the tax.
2.6.1.13. A quit claim or corrective deed
				without consideration. Either of this type deed with a consideration of over
				one hundred dollars ($100) is subject to the tax.
2.6.1.14. A transfer to or from the United
				States, the State of West Virginia, or to or from any of their
				instrumentalities, agencies or political subdivision by gift, dedication deed
				or condemnation proceeding.
2.6.1.15. Deeds of Trust or mortgage given as
				security for a debt.