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).
Partially taxable exchanges: Another section under Section 351 applies to partially taxable exchanges. It is Section 351(b). Valuation of Property and Stock in an Exchange. When you transfer property into a corporation, there are two valuation issues: 1 - The value assigned to the stock you receive from the corporation.he corporation's basis in the property it receives in an exchange for its stock is the same basis you had in the property when transferred (in other words, the corporation takes your basis). Example: 1  If your adjusted basis in the property transferred is $10,000. 2  The corporation's basis in the property is also $10,000.