§ 15104.4. Transfer of Joint Tenancy Property to Third Person.

Source: https://govt.westlaw.com/calregs/Document/IE932F3A34C8311EC89E5000D3A7C4BC3?viewType=FullText&originationContext=documenttoc&transitionType=CategoryPageItem&contextData=(sc.Default)

It is assumed in this regulation that the transfers were not made for an adequate and full consideration in money or money's worth.

(a) Joint Bank Account. A transfer of a joint bank or similar account by the joint tenants to a third person constitutes a gift from each tenant to the extent of, or in proportion to, his contribution to the account.

If a joint bank or similar account is created with community property each spouse contributes one-half of such property.

(b) Joint U. S. Savings Bond. A transfer of a joint United States savings bond by the joint tenants to a third person constitutes a gift from each tenant to the extent of, or in proportion to, his contribution for the bond.

If a joint United States savings bond is purchased with community property each spouse contributes one-half of such property.

(c) Joint Tenancy Other Than Bank Account, U. S. Savings Bond, or Real Property Owned by Husband and Wife. A transfer of joint tenancy property, other than a joint bank or similar account, a joint United States savings bond, or real property owned by a husband and wife in a joint tenancy created on or after September 11, 1957, to a third person constitutes a gift of one-half of such property by each joint tenant.

Note: For a transfer to a third person of real property owned by a husband and wife in a joint tenancy created on or after September 11, 1957, see Section 15104.50.

Note: Reference: Section 15104, Revenue and Taxation Code.