Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2017

Property Tax Annotations

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Annotation 625.0190

625.0190 Step Transaction. A parent transfers an interest in real property owned by the parent to the parent's child and, thereafter, they jointly transfer their real property interests to a partnership and acquire the same proportionate interests in the partnership as they held in the real property. The transfer of the real property interest from parent to child qualifies for the parent-child exclusion under Revenue and Taxation Code section 63.1, and the transfers of the real property interests to the partnership would be excluded as proportional interest transfers under Revenue and Taxation Code section 62(a)(2). The transaction is not subject to the step transaction doctrine, based upon the legislative intent language that accompanied the enactment of Revenue and Taxation Code section 63.1. C 11/21/1990; C 1/3/1991.