Controlling Interest Transfer Tax Return / Declaration of Value - Maine

Controlling Interest Transfer Tax Return/Declaration of Value is a legal document that was released by the Maine Department of Administrative and Financial Services - a government authority operating within Maine.

FAQ

Q: What is the Controlling Interest Transfer Tax Return/Declaration of Value?
A: The Controlling Interest Transfer Tax Return/Declaration of Value is a tax document that needs to be filed when transferring controlling interest in real estate properties in Maine.

Q: Who needs to file the Controlling Interest Transfer Tax Return/Declaration of Value?
A: The person or entity transferring the controlling interest in a real estate property in Maine needs to file the Controlling Interest Transfer Tax Return/Declaration of Value.

Q: What is considered a controlling interest in a real estate property?
A: A controlling interest in a real estate property is when an individual or entity acquires 50% or more of the voting stock, membership interests, or beneficial interests in a property-holding entity.

Q: What is the purpose of the Controlling Interest Transfer Tax Return/Declaration of Value?
A: The purpose of the Controlling Interest Transfer Tax Return/Declaration of Value is to determine the fair market value of the real estate property and calculate the transfer tax.

Q: How is the fair market value determined for the Controlling Interest Transfer Tax Return/Declaration of Value?
A: The fair market value is determined based on the sale price, assessed value, or professional appraisal of the real estate property.

Q: When should the Controlling Interest Transfer Tax Return/Declaration of Value be filed?
A: The Controlling Interest Transfer Tax Return/Declaration of Value should be filed within 30 days from the date of the transfer of the controlling interest.