P enters into an agreement with V (the first agreement) on the purchase of V`s property. Prior to the agreement, P wishes to modify the buyer of the property to involve his spouse, Q. P and V agree to terminate the first agreement, and another agreement (the second) will be concluded between V as seller and P and Q as buyer to replace the first agreement. The terms of the first and second agreements are also identical. By the termination of the first contract, P is exempt from its obligations under this contract. P acquires with Q an interest in the property under the second agreement. Since the parties acted at all times in accordance with their rights and obligations under the first contract of sale of the property, the first contract was performed and was not terminated. 8 And I dutifully give this solemn declaration believing that it is true and knowing that it is of the same strength and effectiveness as if it were made under oath. A land sales contract obliges the buyer to pay the purchase price when invoicing in exchange for the seller who owns the property. When invoicing, the buyer does not pay the purchase price, although the seller is able to invoice. P enters into an agreement with V (the first agreement) on the purchase of V`s property. The first agreement contains a clause allowing P to designate a third party as the purchaser of the property if the conditions for termination are met.

P appoints Q as the new buyer and informs V of the manner required in the first contract. Q sets up a new agreement with V under the same conditions (with the exception of the appointment clause). A contract for the sale of land is subject to the condition that the buyer receives financing. The buyer cannot obtain financial authorization. The contract is terminated automatically as a result of the event. If the certificate has been used, your legal statement must be signed by a director or officer of your company. P enters into an agreement with V (the first agreement) on the purchase of V`s property. Before the settlement, P learns that B wants to buy V`s property and is willing to pay a royalty to P in exchange for P`s agreement to terminate the first contract. B pays such a fee to P, and P and V agree to terminate the first contract. Another agreement (the second agreement) is then concluded between V as seller and B as buyer. Therefore, the second agreement is considered to be a resale contract, so that the first is not considered to be exempt in accordance with Article 115 of the Customs Law.

The parties decide to terminate the contract, as the buyer cannot obtain financing. N operates a production company that manufactures plastic products from a factory. M enters into an agreement with N for the purchase of the company. Operating assets consist entirely of machinery and business goods or firms attributable to the machinery and plant location. Three days later, the factory burns parts without fail. The machines are completely destroyed and the company can no longer operate from this site. The agreement did not provide for a loss of assets, which made it impossible to perform the contract. The agreement is exempt from transfer tax in accordance with Article 115(1)(a) of the Customs Law. Since P`s interest in V`s property does not constitute a profit for P under the second agreement, the second agreement is not a resale agreement (explained in paragraphs 14 to 17) and 115(d) of the Customs Act, so no transfer duty has to be paid on the first agreement. The same facts as in Example 6, except that the royalty to be paid for P who terminates the first contract is paid to P`s family trust.

Therefore, Article 115 of the Customs Law does not apply to the first agreement and both agreements must be subject to a transfer tax. In these circumstances, the second agreement involves the transfer of ownership which is the subject of the first agreement. . . .

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