§ 13724.4. Proceeds of Life Insurance on Prior Decedent Payable to Present Decedent.

Source: https://govt.westlaw.com/calregs/Document/IE737BFE34C8311EC89E5000D3A7C4BC3?viewType=FullText&originationContext=documenttoc&transitionType=CategoryPageItem&contextData=(sc.Default)

(a) Present Decedent Selected Mode of Settlement. If the proceeds of a policy of insurance issued upon the life of a prior decedent is being paid in installments or otherwise to a present decedent and the mode of settlement was selected by the present decedent, the balance due on the policy is subject to the Inheritance Tax Law and the insurance exemption is not applicable.

(b) Prior Decedent Selected Mode of Settlement If the proceeds of a policy of insurance issued upon the life of a prior decedent are being paid in installments or otherwise to a present decedent and the mode of settlement was selected by the prior decedent, the balance due on the policy is not subject to the Inheritance Tax Law.

Credits

Note: Authority cited: Section 14740, Revenue and Taxation Code. Reference: Section 13724, Revenue and Taxation Code.

History

1. New section filed 7-2-81; effective thirtieth day thereafter (Register 81, No. 27).