Transfer from C-Corp to individual name

[Sebastien Dessureault]

Hi,

I recently transferred the title of a California property from a C-Corp of which I own 100% of the shares to my and my wife's individual names.

I was advised that the transfer would not trigger a property tax reassessment based on the fact husband and wife are considered an economic unit and the transfer would not be considered a "change in ownership" since 100% of the property ownership would be transferred from me through the C-Corp to me and my wife.

Next thing I know I received a notice of supplemental assessment dating from the title transfer date.

Was I incorrectly advised or should I contact the Assessor's Office to plead my case?

Thank you!

[Lance Lvovsky]

I am not immediately familiar with the CA property tax assessment laws - I leave that to your advisors to do that research.

However, I am curious whether anyone informed you of potential income tax consequences in the transaction you entered?