Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2017
Property Tax Annotations
625.0000 PARENT-CHILD TRANSFER
625.0235 Trusts-Share and Share Alike. When a parent transfers property to a trust which provides that the children are to receive the trust assets on a share and share alike basis, unless the trust instrument specifies otherwise, the trustee has the power to distribute the property on a pro rata or non-pro rata basis. The distribution of sole ownership of a single asset to one child would qualify for the parent-child exclusion, except to the extent the value of the asset exceeds the value of that child's interest in the total trust estate. Such excess must be considered a non-excludable transfer from the other beneficiaries pursuant to a sale of their interests to the recipient. C 8/6/1990; C 1/23/1991; C 9/10/1996; C 10/28/1999; C 3/14/2000.