California Revenue and Taxation Code 66 – Change in ownership does not include any of the …
Change in ownership does not include any of the following:
(a) The creation, vesting, transfer, distribution, or termination of a participant’s or beneficiary‘s interest in an employee benefit plan.
Terms Used In California Revenue and Taxation Code 66
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(b) Any contribution of real property to an employee benefit plan.
(c) Any acquisition by an employee benefit plan of the stock of the employer corporation pursuant to which the employee benefit plan obtains direct or indirect ownership or control of more than 50 percent of the voting stock of the employer corporation.
As used in this section, the terms “employer,” “employee benefit plan,” “participant,” and “beneficiary” shall be defined as they are defined in the Employee Retirement Income Security Act of 1974.
(Amended by Stats. 1999, Ch. 941, Sec. 5. Effective January 1, 2000.)