Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2017

Property Tax Annotations

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Annotation 625.0100

625.0100 Internal Revenue Code Exchange. In order to qualify a transfer of real property as a nontaxable Internal Revenue Code section 1031 exchange, Mr. Smith transfers X property to Mr. Jones in exchange for Y property. Immediately thereafter, and pursuant to prior agreement, Mr. Jones transfers X property to Mr. Smith's son. Since Mr. Jones did not have any beneficial use of property X but only the ability to transfer its title to Mr. Smith's son, the transfer to the son qualifies for the parent/child exclusion of Revenue and Taxation Code section 63.1. C 1/23/1989.