For the purpose of the Gift Tax Law the term “joint tenancy” includes any ownership of property by two or more persons, the respective interests of whom are equal, both as to title and possession, and were acquired at the same time and by the same title. The distinguishing incident of this character of ownership is the right of the surviving owner to the sole ownership of the property by virtue of his survivorship.

Note: As to transfers of joint tenancy property, see Sections 15104.2, 15104.3, 15104.4, and Revenue and Taxation Code Section 15104.5.