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Two questions please. Can a 25% share of a commercial property

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Two questions please. Can...
Two questions please. Can a 25% share of a commercial property owned by five individuals be transferred as a Charitable Donation?
A commercial property in California is owned by eleven separate ownership groups. No partnership or corporate agreements exist. A lease extension is due. Can any of the groups prevent a lease extension from being carried out?
Thank you.
Submitted: 1 year ago.Category: Business Law
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Answered in 1 hour by:
4/5/2016
Business Lawyer: Michael Lykken, Esq,
 replied 1 year ago
Michael Lykken, Esq
Category: Business Law
Satisfied Customers: 120
Experience: Partner at Soares & Lykken, Attorneys at Law
Verified
Hello, thank you for using this service. My name is ***** ***** I am a licensed California attorney. I will be happy to help you with this question. Please understand that I can only provide you with general advice in this forum. Also, I do not reply to a response shortly after it is posted it is because I am either in a meeting or at court, in which case I will respond back as soon as possible or at night if necessary. Now on to your question. As to the first question, as long as you transfer the interest to a tax-exempt non-profit organization you can treat the transfer as a charitable donation. For your second question, are the ownership groups the lessors? If so, then probably not so long as a majority of the interests agree on the lease extension. Even though there isn't a written partnership agreement, the parties are all tenant-in-common so a majority of the owners can determine what happens. Please let me know if you need further clarification on these answers. Otherwise, I only receive credit for helping you if you rate my service. So, I would appreciate if you would do so. Thank you!
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Customer reply replied 1 year ago
Thank you for the answers to my two questions. Your information will be very important to know when making decisions about the future use of the property. I appreciate your explanation and detail.
Business Lawyer: Michael Lykken, Esq,
 replied 1 year ago
You're welcome. Although you aren't required to have any kind of partnership agreement for the groups that own the property, it would make sense to have some kind of tenancy-in-common agreement so that there is clarity in how the property is managed, income and expenses, etc. You should also verify with the IRS or the California Attorney General's Registry of Charities before donating property. If you rely on the representation of the non-profit and they actually aren't tax exempt, the charitable deduction could be disallowed. Good luck, and if you are happy with my service I would appreciate if you would rate my service. Thank you!
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Michael Lykken, Esq
Michael Lykken, Esq
Michael Lykken, Esq
Category: Business Law
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