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§ 15656.1. Description of Property Listed on Return.

18 CA ADC § 15656.1Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 18. Public Revenues
Division 2.5. State Controller (Refs & Annos)
Chapter 2. Gift Tax (Refs & Annos)
Article 6. Donor's Return
18 CCR § 15656.1
§ 15656.1. Description of Property Listed on Return.
Currentness
In general, in listing upon the return the property comprising gifts made during a calendar quarter, the description thereof should be such that the property may be readily identified.
(a) Real Property.
If the gift consists of real property or any interest therein, set forth:
(1) A description of the property sufficient to identify it.
(2) The name of the county in which the property is located.
(3) If located in a city, the place where located by street and number.
(4) If improved, a short statement of the character of the improvements.
(b) Bonds.
A description of bonds should include a statement of the following:
(1) Number of bonds.
(2) Principal amount.
(3) Name of obligor.
(4) Date of maturity.
(5) Rate of interest and the date or dates on which interest is payable.
(6) Series number, where there is more than one issue.
(7) Exchange upon which listed or the principal place of business of the obligor, if unlisted.
(8) Market value of bond plus accrued interest, if any, at date of gift.
(9) Reference as to source of market value.
(c) Stocks.
A description of stocks should include a statement of the following:
(1) Number of shares transferred.
(2) Particular class or series.
(3) Whether common or preferred, and, if preferred, what issue thereof.
(4) Whether par or no par.
(5) Certificate number.
(6) Name of corporation issuing, and, if stock is not listed on an exchange, the state in which the corporation was incorporated, and location of its principal place of business. If stock is listed, state the name of the principal exchange upon which it is sold.
(d) Notes.
A description of notes should include the following:
(1) Name of the maker.
(2) Date on which made.
(3) Date of maturity.
(4) Amount of principal.
(5) Amount of unpaid principal.
(6) Rate of interest, whether simple or compound, date to which interest has been paid, and amount of unpaid interest.
(7) If secured, the nature of the security.
(e) Life Insurance or Annuity Contract.
A description of a life insurance policy or an annuity contract should include the following:
(1) Nature and type of the policy or contract.
(2) Name of the insurer or the company issuing the policy or contract.
(3) Name of beneficiary.
(4) Number of policy or contract.
(5) Face value of policy or contract.
(6) Amount of premiums or other payment.
If an annuity is payable for a term of years, the duration of the term and the date on which it began should be given, and if payable for the life of any person, the date of birth of such person should be stated.
For every policy of life insurance listed on the return, the donor must procure from the insurer a statement on Form GT-4, Life Insurance Statement, and file it with the return (see Section 15656.6(c)).
(f) Judgment.
A description of a judgment should contain the following:
(1) Title of the cause and name of the court in which the judgment was rendered.
(2) Date on which rendered.
(3) Name and address of the judgment debtor and of the judgment creditor.
(4) Amount unpaid.
The filing of a certified abstract of judgment conforming to the provisions of Section 674 of the Code of Civil Procedure will meet all requirements concerning the description of a judgment.
(g) Trust.
In describing a gift in trust, give the name and address of the trustee, and the name, age, and address of each of the beneficiaries.
Note: Reference: Section 15656, Revenue and Taxation Code.
This database is current through 6/14/24 Register 2024, No. 24.
Cal. Admin. Code tit. 18, § 15656.1, 18 CA ADC § 15656.1
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