Taxation of Sale of Real Property by S Corporation

By Kowal, Bruce D. | The CPA Journal, November 1992 | Go to article overview

Taxation of Sale of Real Property by S Corporation


Kowal, Bruce D., The CPA Journal


S corporations that sell appreciated real estate in New York City are subject to an array of tax considerations.

There are three special taxes on gains and transfers:

NY State Gain Tax on Real Property Transfers (1441, Art 31-B Tax Law), popularly known as the "Cuomo Tax." Transfers of real property located in New York State for a consideration of $1,000,000 or more will be subject to a 10% tax on the gain realized by the transferor (seller), unless specifically exempted by statute.

NY State Real Estate Transfer Tax (1402, Art 31 Tax Law). This tax is levied on each real estate deed at the time of delivery by a grantor to a grantee to the extent that the consideration exceeds $100. The rate is $2 for each $500, or fraction thereof, of consideration or value. (This is up from 55 cents for each $500 in 1979).

NY City Real Property Tax (Chapter 21, Title 11, NYC Administrative Code) The tax applies generally to transfers of real property, and economic interests in real property located in whole or part within New York City, and where the consideration exceeds $25,000. The rate of tax varies from 1 to 2.625% of the total consideration depending upon the nature of the property interest and the magnitude of the consideration. (This tax, too, has been increased from 1% in 1979). …

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