Law360 (Sep 18, 2020, 3:44 p.m. EDT) – The Dropdown LLC transaction has become a widely used technique in property transfers and is often controversial in Ohio property tax cases.
The most recent ruling in the Cleveland Metropolitan Schools Board of Education v Cuyahoga County Board of Revision (1) is the most recent case by the Ohio Board of Tax Appeals, which provides insight into the factors that courts use in evaluating these types of transactions for real estate tax purposes will use.
Cleveland Metropolitan Schools also provide valuable lessons to tax authorities regarding the burden of proof required to demonstrate that a dropdown LLC transaction is for the sole purpose of transferring real …
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