77.23 Disposition of fees and returns. On or before the (b) In case of a gift, or any deed of nominal consideration or 15th day of each month the register shall submit to the county any exchange of properties, the estimated price the property treasurer transfer fees collected together with the returns filed in would bring in an open market and under the then prevailing mar- the office during the preceding month for the treasurer’s transket conditions in a sale between a willing seller and a willing mission to the department of revenue under s. 77.24 and shall buyer, both conversant with the property and at prevailing general submit to the county treasurer, or to the city treasurer if the propprice levels. erty is located in a city that collects taxes under s. 74.87, all appli77.21
History: 1971 c. 150; 1989 a. 31; 1991 a. 39; 1993 a. 112; 1999 a. 9; 2001 a. 44; 2015 a. 295. Cross-reference: See also ch. Tax 15, Wis. adm. code. A memorandum announcing a reorganization of a land-owning partnership into a limited liability company (LLC) and that the LLC was now the owner of the real estate was a document intended to transfer title to real estate. The receipt by members of ownership interests in the LLC was for value so that there was a conveyance under sub. (1) subject to taxation under s. 77.22. Wolter v. DOR, 231 Wis. 2d 651, 605 N.W.2d 283 (Ct. App. 1999), 99-0671.