Cal. Code Regs. tit. 18 § 13952.9
If the survivor made no contribution towards the purchase of the contract, the value of a joint and survivorship contract issued by a company regularly engaged in the selling of contracts of that character is, upon the death of the purchaser annuitant, the present value at the purchaser's death of the annuity payable to the survivor for the balance of his life.
If the survivor made some contribution towards the purchase of the contract, the value of a joint and survivorship contract issued by a company regularly engaged in the selling of contracts of that character is, upon the death of any one of the annuitants, that portion of the present value, at the death of the deceased annuitant, of the annuity payable to the survivor for the balance of his life which bears the same ratio to the total present value as the contribution made by the deceased annuitant bears to the total contributions of both annuitants.
NOTE: As to the taxation of joint life and survivorship annuities, see Section 13648.
NOTE: Reference: Section 13952, Revenue and Taxation Code.
Cal. Code Regs. Tit. 18, § 13952.9