@happyDonate as I understand joint tenancy in CA implies equal share to each owner -- with survivorship implies that the share of the decedent goes to his/her heirs -- i.e. it is part of Estate -- thus eligible for step-up. I think under this "with right to survivorship", the shares of the H/W would be treated as marital property and hence step-up ( to FMV) of both shares. In such a case the C's share does not change i.e. it stays as before -- the basis that is.
I am , as you can see , struggling with this because I am not a lawyer -- therefore my request to talk to a lawyer or even call the CA Franchise Board --- they should be able to help.
My simple brain says ( when right to survivorship is present ) then the basis should :
On Husbands' death ---- Wife's share basis is 2/3 FMV -- child 's basis Original
On Wife's death --- the prop. basis is 2/3 FMVnew + Child's org.
Does this seem logical ?
pk
