California Probate Code 21520 – As used in this chapter:(a) “Marital deduction” means the …
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As used in this chapter:
(a) “Marital deduction” means the federal estate tax deduction allowed for transfers under Section 2056 of the Internal Revenue Code or the federal gift tax deduction allowed for transfers under Section 2523 of the Internal Revenue Code.
Terms Used In California Probate Code 21520
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Internal Revenue Code: means the Internal Revenue Code of 1986, as amended from time to time. See California Probate Code 21500
- Property: means anything that may be the subject of ownership and includes both real and personal property and any interest therein. See California Probate Code 62
(b) “Marital deduction gift” means a transfer of property that is intended to qualify for the marital deduction.
(Enacted by Stats. 1990, Ch. 79.)