Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2014
Property Tax Annotations
625.0000 PARENT-CHILD TRANSFER
625.0251 Wills. Mother's will granted the executor the authority to sell real property and also granted broad discretion in distributing property in kind on a pro rata or non-pro rata basis. Following the decedent's death, the Superior Court specified the method by which distribution of her assets would occur. The court ordered the executor to sell three-fourths of the real property interests to one beneficiary and to distribute the proceeds of the sale to the other three beneficiaries. Since the court ordered this method of equalizing the real property shares to be distributed among the four children, the beneficiary's purchase of the property interests was not from his siblings. Thus, the parent-child exclusion would apply to exclude the entire value of the real property. C 3/10/2005.