Laws, Regulations & Annotations

C

220.0000 CHANGE IN OWNERSHIP

Annotation 220.0035

220.0035 Charitable Gift Annuity. A change in ownership of real property occurs pursuant to Revenue and Taxation Code section 60 upon the transfer of real property to a charity in exchange for a charitable contribution deduction for the value of the property's remainder interest and a stream of income from an annuity. Although the economic consequences to the donors of such property may be the same as those resulting from transfers to charitable remainder trusts, Revenue and Taxation Code section 62(d) only excludes from reappraisal transfers to trusts. C 6/4/1987.