Lease Renewals at Fair Market Value Not Counted in Determining Whether Lease is Taxable Transfer in Pennsylvania [Bloomberg BNA]

Joe Bright, a member of Cozen O’Connor’s Tax Practice Group, discusses the Saturday Family case and its impact on determining the length of leases subject to realty transfer taxes in Bloomberg BNA. Joe explains that, “A panel of the Commonwealth Court of Pennsylvania rejected the Pennsylvania Department of Revenue’s interpretation of its regulation regarding taxable leases.” Additionally, “The decision [if sustained would] put an end to the department’s view that any agreed upon valuation procedure means that the option is for other than fair market value and must be counted towards the term of the lease.”

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Joseph C. Bright


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