California Revenue and Taxation Code

§ 62

RTC § 62 Effective Oct 9, 2019Div. 1 · Part 0.5 · Ch. 2

Statute text

Change in ownership shall not include:

(a)(1) Any transfer between coowners that results in a change in the method of holding title to the real property transferred without changing the proportional interests of the coowners in that real property, such as a partition of a tenancy in common.

(2)Any transfer between an individual or individuals and a legal entity or between legal entities, such as a cotenancy to a partnership, a partnership to a corporation, or a trust to a cotenancy, that results solely in a change in the method of holding title to the real property and in which proportional ownership interests of the transferors and transferees, whether represented by stock, partnership interest, or otherwise, in each and every piece of real property transferred, remain the same after the transfer. The provisions of this paragraph shall not apply to transfers also excluded from change in ownership under the provisions of subdivision (b) of Section 64.

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Legislative history

Amended by Stats. 2019, Ch. 685, Sec. 1. (AB 872) Effective October 9, 2019.