California Revenue and Taxation Code

§ 62.3

RTC § 62.3 Effective Sep 29, 2012Div. 1 · Part 0.5 · Ch. 2

Statute text

(a)Notwithstanding any other provision in this chapter, a change in ownership shall not include a transfer of a cotenancy interest in real property from one cotenant to the other that takes effect upon the death of the transferor cotenant if all of the following conditions apply:

(1)The transfer is solely by and between two individuals who together own 100 percent of the real property in joint tenancy or as tenants in common.

(2)As a result of the death of the transferor cotenant, the deceased cotenant’s tenancy in common or joint tenancy interest in the real property is transferred to the surviving cotenant, which results in the surviving cotenant holding a 100-percent ownership interest in the real property immediately after the transfer, thereby terminating the cotenancy.

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Legislative history

Added by Stats. 2012, Ch. 781, Sec. 1. (AB 1700) Effective September 29, 2012.