NAC375.160. Examples of taxable transactions.

The following are examples of transfers or conveyances subject to any tax imposed by chapter 375 of NRS:

     1. A conveyance of realty in exchange for other property and the conveyance of the other property, if it is realty.

     2. A conveyance of realty in consideration of life maintenance. The tax is computed on the net value of the realty conveyed.

     3. Deeds given by persons such as masters in chancery, sheriffs and clerks of court for realty sold under foreclosure or execution. The tax is computed on the amount bid for the property plus the costs if paid by the purchaser, whether the purchaser is the mortgagee, judgment creditor or any other person.

     4. A conveyance of realty by a judgment or decree in a condemnation proceeding under the power of eminent domain or a conveyance of property under threat of imminence of the proceeding.

     5. Conveyances to or by building and loan associations except that the tax does not apply to a conveyance of realty to a building and loan association for the purpose of securing a loan thereon, nor to the reconveyance of the realty to its owner as part of the loan transaction.

     6. A conveyance of realty to a corporation in exchange for shares of its capital stock.

     7. A conveyance of realty by a corporation in liquidation or in dissolution to its shareholders subject to the debts of the corporation except that if there are no corporate debts and the conveyance is made solely for the cancellation and retirement of the capital stock, the tax does not apply.

     8. Deeds to standing timber, patented mines and water rights.

     9. A transfer by which a contract for deed is recorded which sets forth the purchase price, legal description, the buyer and the seller and which provides that the buyer has received custody of the real property and a deed will be delivered to the buyer when he fulfills his contractual obligations. If only a memorandum of such a contract is recorded, the transfer is also taxable.

     [Tax Comm’n, Real Property Transfer Tax Ruling No. 3, eff. 1-1-68; A 9-28-68; 8-23-69]—(A by R181-01, 5-13-2002; A by Dep’t of Taxation by R224-03, 4-30-2004)