Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2014
 

Property Tax Annotations


A    B    C    D    E    F    G    H    I    L    M    N    O    P    R    S    T    U    V    W   

P

625.0000 PARENT-CHILD TRANSFER

Annotation 625.0235.010

625.0235.010 Trusts—Share and Share Alike. Upon a distribution of real property under the terms of an irrevocable trust, a key in determining if a change in ownership occurs is whether the trust instrument limits the trustee's power to distribute property. If the trust instrument allows one child to purchase real property interests from his/her siblings, this option restricts the trustee's power to distribute on a non pro-rata basis. Such purchase from the other beneficiaries does not qualify for the parent-child exclusion. C 7/25/2006.