California Code of Regulations
Title 18 - Public Revenues
Division 2.5 - State Controller
Chapter 2 - Gift Tax
Article 1 - Definitions
Section 15104.5 - Release of Debt
Universal Citation: 18 CA Code of Regs 15104.5
Current through Register 2024 Notice Reg. No. 12, March 22, 2024
If A owes B a sum of money, and B without an adequate and full consideration in money or money's worth releases A from the obligation to repay it, the release constitutes a gift to A.
NOTE: Reference: Section 15104, Revenue and Taxation Code.
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