Ocean Harbor Associates v. Director of Revenue

WALSH, Justice:

The appellant, Ocean Harbor Associates (“OHA”), a partnership, appeals from an order of the Superior Court, which reversed a determination by the Tax Appeal Board (“Board”), holding that a transfer of five lots of land to OHA was exempt from the Realty Transfer Tax. We conclude that the conveyance was an exempt transaction and, accordingly, reverse the decision of the Superior Court.

The facts underlying the taxability of the transfer are not in dispute. OHA was formed for the purpose of the joint development of five contiguous lots of land, which were owned by James A. Downes,…