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Each U.S. state has a recording act, a statute which dictates the legal procedure by which an individual claiming an interest in real property (real estate) formally establishes their claim to that property. The recordation of property rights becomes particularly significant where an unscrupulous dealer in land purports to sell the same tract ...
For real property exchanges under Section 1031, any property that is considered "real property" under the law of the state where the property is located will be considered "like-kind" so long as both the old and the new property are held by the owner for investment, or for active use in a trade or business, or for the production of income.
Union Pacific Railway Co. v. Cheyenne, 113 U.S. 516 (1885), was an appeal from the Supreme Court of the Territory of Wyoming regarding a bill charging that the collection of an illegal tax would involve the plaintiff in a multiplicity of suits as to the title of lots being laid out and sold, which would prevent their sale, and which would cloud the title to all his real estate, states a case ...
A like-kind exchange under United States tax law, also known as a 1031 exchange, is a transaction or series of transactions that allows for the disposal of an asset and the acquisition of another replacement asset without generating a current tax liability from the sale of the first asset.
Wyoming statute lists acceptable forms of identification "by rule of the secretary of state as adequate proof of the identity of a voter." What Wyoming statute doesn't require, Case said, is a ...
The office of Commissioner of Deeds is one unique to the United States. During the 19th century, deeds concerning property located in a particular state could only be acknowledged before a Notary Public in that state; if the deeds was acknowledged outside the state where the subject property was located, the grantor would have to find a judge of a court of record to take the acknowledgment.
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A special master (referee) is commonly appointed by the court to execute the partition process. The referee is responsible only to the court, and the referee is limited only by the court's instructions, and applicable state codes. For an in-kind partition, the referee will cause deeds to the adjusted property(s) to be prepared.