Laws, Regulations & Annotations

C

220.0000 CHANGE IN OWNERSHIP

Annotation 220.0779

220.0779 Trusts. An Individual Retirement Account (IRA) is a trust established, as its name implies, by an individual to provide income to the individual during his/her retirement years. Such an account does not qualify as an employee benefit plan "...established or maintained by an employer or by an employee organization, or by both...", as is required by federal law (29 U.S.C.A. Sec. 1002 (1)(2)(A).).

Transfers of real property to an IRA do not come within the exclusion from change in ownership provided by Revenue and Taxation Code section 66(b). C 2/14/1991.