Section 125-207-02 - DefinitionsA.Consideration. "Consideration," as defined in 36 M.R.S. §4641(1), means the total price or amount paid, or required to be paid, for real property valued in money, whether received in money or otherwise and includes the amount of any mortgages, liens or encumbrances thereon, regardless of whether the underlying indebtedness is assumed by the grantee.B.Controlling interest. "Controlling interest," as defined in 36 M.R.S. §4641(1-A), means the following: 1. In the case of a corporation, "controlling interest" means more than 50% of the total combined voting power of all classes of stock of the corporation entitled to vote or more than 50% of the capital, profits or beneficial interest in the voting stock of the corporation.2. In the case of a partnership, association, trust or other entity, "controlling interest" means more than 50% of the capital, profits or beneficial interest in the partnership, association, trust or other entity.C.Entity. "Entity" means an organization that has a legal identity that is separate from the individual members or owners of that organization. Examples of entities include, but are not limited to, partnerships, corporations, associations, and trusts.D.Indirect controlling interest. "Indirect controlling interest" means the ultimate controlling interest in an entity through the direct controlling interest of an intermediary entity or entities.E.Market value. "Market value" means the amount in cash that could reasonably be expected to be paid by an informed buyer to an informed seller for a property, each acting without compulsion in an arm's-length transaction.F.Person. "Person," as defined in 36 M.R.S. §111(3), means an individual, firm, partnership, association, society, club, corporation, financial institution, estate, trust, business trust, receiver, assignee or any other group or combination acting as a unit, the State or Federal Government or any political subdivision or agency of either government.G.Return. "Return" means the combined Controlling Interest Transfer Tax Return/Declaration of Value form furnished by or approved by Maine Revenue Services ("MRS").H.Value. "Value," as defined in 36 M.R.S. §4641(3), means either (1) the actual consideration paid for the fee interest in the real property, or (2) the market value of the fee interest in real property when the entity has been transferred by gift or with nominal consideration or without stated consideration, or when the consideration for the real property cannot be determined. "Nominal consideration" means less than 20% of the property's most recently locally assessed value as adjusted by the municipality's or unorganized territory's certified assessment ratio, unless the taxpayer provides an attestation from the local assessor that the most recent locally assessed value does not reflect market value.18-125 C.M.R. ch. 207, § 02