Laws, Regulations & Annotations

L

565.0000 LEGAL ENTITIES

Annotation 565.0022

565.0022 Change in Ownership Filing Requirements. When legal entity ownership interests are transferred to a revocable trust, it is necessary to "look through" the trust to identify the beneficial owner of the legal entity interests. Since the owner of a revocable trust is the trustor, there is no transfer of beneficial ownership when a trustor transfers legal entity ownership interests into her revocable trust. Thus, neither Revenue and Taxation Code sections 64(c)(1) nor 64(d) can be triggered. Consequently, sections 480.1 and 480.2 do not require filing a Form BOE-100-B, Statement of Change in Control and Ownership of Legal Entities, for transfers of legal entity interests by a trustor to a trust in which the trustor is the sole present beneficiary. C 1/28/2015.