Laws, Regulations & Annotations

C

220.0000 CHANGE IN OWNERSHIP

Annotation 220.0201

220.0201 Exclusions. Revenue and Taxation Code section 62(a)(1) speaks to transfers of real property, as generally evidenced by recordation of a deed, between co-owners (i.e., tenants-in-common and joint tenants). Section 62(a)(2), on the other hand, refers to transfers of interests in real property, whether represented by stock, partnership interest, or otherwise, between an individual or individuals and a legal entity or legal entities. The transfer of such interests in real property is excluded so long as the proportional ownership interests remain the same in each and every piece of real property before and after transfer. Section 64(b), however, is controlling over section 62(a)(2) since it is a more specific exclusion. Thus, where a transfer is excluded under section 64(b) rather than section 62(a)(2), there are no "original co-owners' " interests created, and section 64(d) would not trigger any change in ownership. LTA 2/18/1983 (No. 83/20).