Cumberland Municipal Court. Cumberland Municipal Court is held on the 3rd Wednesday of the month starting at 1:00 pm with the Honorable Katherine Ault presiding. COURT DATE: The Date on your citation is the date in which your citation will process through the Court. This Date is your opportunity to enter a plea to the charge.
Real Property Transfer Tax (7551) In addition, a supplemental tax at the rate of $1.50 per $500.00 of the transfer price, or fraction thereof, shall be imposed on transfers taking place on or after April 1, 2008, for the purpose of providing financial assistance to the Chicago Transit Authority (âCTAâ).
IRC Section 1031 provides an exception and allows you to postpone paying tax on the gain if you reinvest the proceeds in similar property as part of a qualifying like-kind exchange. Gain deferred in a like-kind exchange under IRC Section 1031 is tax-deferred, but it is not tax-free.The exchange can include like-kind property exclusively or it can include like-kind property along with cash, liabilities and property that are not like-kind.If you receive cash, relief from debt, or property that is not like-kind, however, you may trigger some taxable gain in the year of the exchange.he exchange can include like-kind property exclusively or it can include like-kind property along with cash, liabilities and property that are not like-kind. If you receive cash, relief from debt, or property that is not like-kind, however, you may trigger some taxable gain in the year of the exchange.