Section 42-1102.02 - Transfer of economic interest defined(a) A transfer of an economic interest in real property occurs upon the conveyance, vesting, granting, bargaining, sale, or assignment, directly or indirectly, of a controlling interest by 1 or more persons or by 1 or more transactions, within any 12-month period, in any corporation, partnership, association, trust, or other entity that, during the 12-month period immediately preceding the transfer of an economic interest in real property: (1) Derives more than 50% of its gross receipts from the ownership or disposition of real property in the District; or(2) Holds real property in the District that has a value comprising 80% or more of the value of its entire tangible asset holdings.(b) For the purposes of subsection (a) of this section, a transfer of a controlling interest includes the aggregate of the transfer of any legal, equitable, beneficial, or other ownership interest in: (1) Any entity described in subsection (a) of this section;(2) Any entity that is a partner in, shareholder in, or beneficiary of, an entity described in subsection (a) of this section; and(3) Any other entity: (A) That derives, directly or indirectly, any portion of its receipts from the ownership of any entity described in subsection (a) of this section; or(B) Has asset value that includes, directly or indirectly, any legal, equitable, beneficial, or other ownership interest in any entity described in subsection (a) of this section.(c) Notwithstanding any other provision of this section, as of October 1, 2009, every transfer of an interest in a cooperative housing association in connection with the grant, transfer, or assignment of a proprietary leasehold or other proprietary interest, in whole or in part, shall be a transfer of an economic interest.Mar. 2, 1962, 76 Stat. 11, Pub. L. 87-408, title III, § 302 b; as added June 14, 1994, D.C. Law 10-128, § 101(d), 41 DCR 2096; Mar. 3, 2010, D.C. Law 18-111, § 7091(a), 57 DCR 181; Sept. 20, 2012, D.C. Law 19-168, § 7102(b), 59 DCR 8025.Application of Law 10-128: See Historical and Statutory Notes following § 42-1101.