Quit Claim Deed Transfer Tax and Basis

[Patrick H.]

The property is located in California.

I am filling out a quit claim deed for property that my brother and I have in joint tenancy. He will quit claim deed his portion to me.

1)
For the transfer tax calculation, I believe I use 1/2 the property FMV. So if the transfer tax rate is $0.55 per $1,000 and the property is worth $200k, than the transfer tax would be ($200k/$1k) * $0.55 = $110.

2)
If no money is transferred, does the basis for the property stay at the original purchase price of $150k? Or does the basis go down to $75k?