California Revenue and Taxation Code

§ 24357.2

RTC § 24357.2 Effective Jan 1, 2001Div. 2 · Part 11 · Ch. 7 · Art. 1

Statute text

(a)In the case of a contribution (not made by a transfer in trust) of an interest in property which consists of less than the taxpayer’s entire interest in such property, a deduction shall be allowed under Section 24357 only to the extent that the value of the interest contributed would be allowable as a deduction under Section 24357 if such interest had been transferred in trust. For purposes of this subdivision, a contribution by a taxpayer of the right to use property shall be treated as a contribution of less than the taxpayer’s entire interest in such property.

(b)Subdivision (a) shall not apply to a contribution of—

(1)A remainder interest in a personal residence or farm,

…

Legislative history

Amended by Stats. 2000, Ch. 862, Sec. 143. Effective January 1, 2001.