61 Pa. Code § 91.153 — Principal and agent

(a) Transfers from agent . (1) The transfer of realty without consideration from an agent to the agent’s principal is not subject to tax, if the agent acquired the transferred realty for the exclusive benefit of the principal. (2) The transfer from an agent to a third person of realty acquired by the agent for the exclusive benefit of the agent’s principal is subject to tax to the same extent the transfer would be taxed if made directly by the agent’s principal. (b) Transfers to agent . (1) A transfer without consideration to an agent from the agent’s principal of realty in which the principal retains the beneficial interest is not subject to tax. (2) A transfer to an agent from a third person of realty acquired by the agent for the exclusive benefit of the agent’s principal is subject to tax to the same extent that the transfer would be taxed if made directly to the agent’s principal. (c) Presumption . If the document by which title is acquired by a grantee fails to set forth that the realty was acquired by the grantee from or for the benefit of the agent’s principal, there is a rebuttable presumption the realty is that of the grantee in the grantee’s individual capacity if an exemption from taxation under this section is claimed. (d) Like-kind exchanges . For purposes of this section and § 91.193(b)(11) (relating to excluded transactions), an agent or straw party does not include: (1) A qualified intermediary as defined under Federal Treasury regulation in 26 CFR 1.1031(k)-1(g)(4) (relating to treatment of deferred exchanges) in an Internal Revenue Code § 1031 exchange. (2) An exchange accommodation titleholder or any other accommodation party utilized in a parking transaction as defined under Federal Revenue Procedure 2000-37 (Rev. Proc. 2000-37, 2000-2 C.B. 308) in an Internal Revenue Code § 1031 exchange. Authority The provisions of this § 91.153 issued under section 1107-C of the Tax Reform Code of 1971 (72 P. S. § 8107-C). Source The provisions of this § 91.153 adopted September 9, 1988, effective September 10, 1988, 18 Pa.B. 4096; amended December 14, 2007, effective December 15, 2007, 37 Pa.B. 6516. Immediately preceding text appears at serial pages (233365) to (233366). Cross References This section cited in 61 Pa. Code § 91.153 (relating to excluded transactions). No part of the information on this site may be reproduced for profit or sold for profit. This material has been drawn directly from the official Pennsylvania Code full text database. Due to the limitations of HTML or differences in display capabilities of different browsers, this version may differ slightly from the official printed version.