|tax question||<– Date –> <– Thread –>|
|From: Philip W. Bush (Philip.W.BushDartmouth.EDU)|
|Date: Wed, 30 Dec 1998 07:55:06 -0600|
At Cobb Hill in Vermont we're working on setting up our final legal structure. One option under consideration is a land coop holding all the land and common buildings. Individuals member households would own their own homes and lease the land under them. Does anyone have experience with that mix of individual ownership of homes with coop ownership of common property? If so, a specific question: when an incoming member sells their existing home to buy in, will the full cost of the new home PLUS the cost of the coop share count, for income tax purposes, in the calculation of capital gains? Also any other thoughts on that legal structure are welcome. Phil Bush Cobb Hill www.coopsports.com/cobbhill
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