Property Transfers

I have 2 questions.

1. If the title to a piece of property is held in the name of a Dominican Corporation, can it be transferred to a member of the corporation's personal name without paying the tax based on value that the government wants????

AND

2. If the title is in the corporation, is there a way that the president can transfer just one title (not the corporation) as a gift to a son or daughter WITHOUT paying the tax.

The reason I am asking is that I would like to transfer a title that I hold in a corporation to my son as a gift. Originally the lawyer said no problem and not the tax office wants alot of peso's for the transfer even though the contract shows that it was a gift and only declared as $1.00 peso.

I know that in the US you can transfer certain items from husband to wife tax free and limited amounts from parents to children as gifts without paying any taxes.

Anyone have any information. Thanks.

[Fabio J. Guzman]

Apparently you got some bad legal advice.

Gift taxes are exactly the same as inheritance taxes which in turn are a lot higher than the transfer tax due in a property sale. At this time, the tax on a gift to a child of a property worth more than $25,000 US is approximately 19% of appraised value (Art. 6 of Law #2569 of 1950). A bill presently under consideration in Congress contemplates lowering the tax rate on gifts and inheritances tp 3%.