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Bishop Estate May Sell Lots Without Taxation, IRS Rules

AUG. 18, 1978


POSTED: 01:30 a.m. HST, Aug 18, 2013

~~<p>WASHINGTON &gt;&gt; The Bishop Estate and the Internal Revenue Service have reached an agreement that will allow the estate to sell its residential leaseholds in Hawaii without having to pay taxes on the proceeds.</p>
<p>The agreement clears the way for the sale of some 13,000 residential leaseholds to comply with the intent of Hawaii&rsquo;s 1975 Land Reform Act, which seeks to break up large private concentrations of leaseholds such as the 3,192 acres held by the Bishop Estate.</p>
~~

WASHINGTON >> The Bishop Estate and the Internal Revenue Service have reached an agreement that will allow the estate to sell its residential leaseholds in Hawaii without having to pay taxes on the proceeds.

The agreement clears the way for the sale of some 13,000 residential leaseholds to comply with the intent of Hawaii’s 1975 Land Reform Act, which seeks to break up large private concentrations of leaseholds such as the 3,192 acres held by the Bishop Estate. Login for more...



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