Section 14501.1 - Inheritance Tax Declaration-Description of PropertyIn general, in listing property upon Form IT-22, entitled "Inheritance Tax Declaration," (see Section 14501(c)) the description thereof should be such that the property may be readily identified.
(a) Real Property. In describing real property or any interest therein, set forth: (1) A description of the property sufficient to identify it.(2) The name of the county in which the property is located.(3) If located in a city, the place where located by street and number.(4) If improved, a short statement of the character of the improvements.(5) The name of the person in whose name the title stands.(b) Bonds. A description of bonds should include a statement of the following: (5) Rate of interest and the date or dates on which interest is payable.(6) Series number, where there is more than one issue.(7) Exchange upon which listed or the principal place of business of the obligor, if unlisted.(c) Stocks. A description of stocks should include a statement of the following:(2) Particular class or series.(3) Whether common or preferred, and, if preferred, what issue thereof.(4) Whether par or no-par.(6) Name of corporation issuing, and, if stock is not listed on an exchange, state in which corporation was incorporated, and location of its principal place of business. If stock is listed, state the name of the principal exchange upon which it is sold.(d) Notes. A description of notes should include the following: (5) Amount of unpaid principal.(6) Rate of interest, whether simple or compound, date to which interest has been paid, and amount of unpaid interest.(7) If secured, the nature of the security.(e) Life Insurance. A description of a life insurance policy should include the following: (1) Nature and type of the policy.(2) Name of the insurer issuing the policy.(3) Name of beneficiary and his relationship to decedent.(5) Face value of policy and amount payable.(f) Judgment. A description of a judgment should contain the following: (1) Title of the cause and name of the court in which the judgment was rendered.(2) Date on which rendered.(3) Name and address of the judgment debtor and of the judgment creditor.(4) Amount unpaid. The filing of a certified abstract of judgment conforming to the provisions of Section 674 of the Code of Civil Procedure will meet all requirements concerning the description of a judgment.
(g) Trust. In describing any property transferred by the decedent in trust, give the name and address of the trustee, and the name, age, and address of each of the beneficiaries. Property which is completely described in the inventory filed with the probate court need not be described in Declaration IT-22; but in such case a reference should be made in the declaration to the description in the inventory.
NOTE: Reference: Section 14501, Revenue and Taxation Code.
Cal. Code Regs. Tit. 18, § 14501.1