§ 15104.7. Transfer of Corporate Property.

Source: https://govt.westlaw.com/calregs/Document/IE93935334C8311EC89E5000D3A7C4BC3?viewType=FullText&originationContext=documenttoc&transitionType=CategoryPageItem&contextData=(sc.Default)

A transfer of property by a corporation to A not made for an adequate and full consideration in money or money's worth is a gift to the latter from the stockholders or members of the corporation in proportion to their respective interests, except where A himself is a stockholder or member of the corporation and the transfer is a distribution to him as such from earnings or as a result of a liquidation.

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