Cal. Code Regs. tit. 18 § 15558

Current through Register 2024 Notice Reg. No. 50, December 13, 2024

Section 15558 - Purchase of Single Payment Contract for Another

If an individual purchases from a life insurance or other authorized company as a gift for the benefit of another a single payment life insurance contract or contract for the payment of an annuity, the value of the gift is the cost of the contract, i.e., the amount of the single payment.

NOTE: Reference: Section 15558, Revenue and Taxation Code.

Cal. Code Regs. Tit. 18, § 15558