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Form 8824 Everett Washington: What You Should Know
WEG Title — “It's Important To Our Community” In January 2009, WEG Title Insurance Company in Everett, WA, received a reverse exchange of an existing office building in Buried, WA, which was converted to office space. WEG Title bought the Buried building with proceeds from the sale of the Everett office building. “We are continuing with our corporate life with respect to Buried and continuing with our mortgage for that. The only thing that's really changed is we had a little extra cash, so we got to keep adding to that account. So what that will do is we will continue to have the debt to pay for Buried, so we've been in good shape.” After the original 2024 sale on the Buried property, WEG Title sold the Buried office building to the Piedmont Community College District and later the Everett Community College District. Facts of Interest: WEG Title purchased the Buried property in 2024 from Everett Properties, Inc. WEG Title purchased the Buried property to consolidate properties, which includes the existing Everett office building. From 2024 to 2024 WEG Title purchased 1,650 square feet of office space and 8,000 square feet of retail space, each at an approximate cost of 10,000. WEG Title plans to continue in Buried with the Buried property. After the original purchase, WEG Title sold the Buried office building to CCD at a total cost of 8 million. From 2024 to 2024 WEG Title sold the Buried office building to the CCD at a total cost of 17 million while receiving a gain of 23 million. WEG Title was able to offset 16 million of the total acquisition cost through a tax deferred interest on the original 2024 purchase from Everett Properties. WEG Title acquired the Buried property, which included two buildings, to consolidate real estate properties owned by the company. The primary benefit is that both companies continue to own approximately the same amount of real estate. Additionally, the combined number of offices and retail locations will allow WEG Title to capitalize on the current low interest rate environment by reducing its debt to a manageable level. WEG Title was able to secure an early termination on the lease from CCD, which has allowed WEG Title to remain in Buried.
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