§ 13671.1. Examples of Joint Tenancy Between Three or More Persons.
18 CA ADC § 13671.1Barclays Official California Code of Regulations
18 CCR § 13671.1
§ 13671.1. Examples of Joint Tenancy Between Three or More Persons.
Property held in joint tenancy by three or more persons is subject to or excluded from the Inheritance Tax Law to the extent specified in Revenue and Taxation Code Section 13671. This may be illustrated by the following examples, in each of which it is assumed that any property contributed by a surviving joint tenant never belonged individually to the decedent:
EXAMPLE (1).
A, B, and C are joint tenants in property valued at $100,000, all of which was contributed by A:
EXAMPLE (2).
A, B, and C are joint tenants in property valued at $100,000, of which $50,000 was contributed by A, $25,000 by B, and $25,000 by C:
(B) If B or C dies first, at the date of the death $75,000 will be excluded from the law, and $25,000 will be subject thereto. If thereafter the tenancy continues in existence until the death of the survivor of B or C, at the date of such death $37,500 will be subject to the law, and $62,500 will be excluded.
(C) If B predeceases A and C, and A predeceases C, the tenancy continuing in existence until A's death, at B's death the property will be subject to or excluded from the law in accordance with paragraph (B) of this example. At A's death $62,500 will be subject to the law, and $37,500 will be excluded.
Note: Reference: Section 13671, Revenue and Taxation Code.
This database is current through 5/10/24 Register 2024, No. 19.
Cal. Admin. Code tit. 18, § 13671.1, 18 CA ADC § 13671.1
End of Document |