Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2014
 

Property Tax Annotations


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P

625.0000 PARENT-CHILD TRANSFER

Annotation 625.0260

625.0260 Wills – Share and Share Alike. A mother bequeathed real property in her will to three children in equal shares. As such, the children held the property as tenants in common. One child contributed $140,000 to the estate in order to receive a 100 percent interest in the real property, rather than a one-third interest. The contribution was made in order to equalize the shares of the beneficiaries for the purpose of distribution. When a beneficiary makes a money contribution in order to equalize the shares of the beneficiaries, such contribution constitutes payment for the interest of the other sibling beneficiaries and results in a purchase of that interest from the sibling beneficiaries. As such, the transfer of the two-thirds interest in the property does not qualify for the parent-child exclusion and is subject to reassessment. C 2/19/2009.