Joint Ownership

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Joint Ownership


in Soviet law, the right to property that belongs to two or more people.

Joint ownership may be personal, as when several persons jointly own a residential building, or it may be public or socialist in form. Joint ownership may be divided into shares or held in common. Under joint ownership apportioned by shares, each participant (owner) has a definite share of the right of joint ownership. Possession, use, and disposition of the owned object is determined with the consent of all owners; in case of dispute, such matters are determined by court decision on a suit brought by any owner. Expenses incurred in the course of joint ownership, such as taxes and repairs, are distributed among the owners proportionally with their shares. Each owner has the right to transfer his share to another person. When a share of joint ownership is offered for sale, the other participants have a preferential right of purchase.

With ownership in common there are no shares, and each owner is owner of all of the property together with the others. Property held by spouses, by a kolkhoz household, and by an individual peasant household is recognized as property held in common.

References in periodicals archive ?
1992), all or a proportionate share of the jointly held property is included in the gross estate of the first spouse to die, and the property then passes by operation of law to the surviving spouse, who receives a full or proportionate step-up in basis.
The remaining jointly held property, if any, would pass directly to the surviving spouse by operation of law, with no resulting estate tax because of the estate tax marital deduction.
Thus, couples no longer must divide their jointly held property to ensure the use of each of their estate and gift tax, and GST tax exemptions.
25] Regulations regarding the disclaimer of jointly held property were proposed in 1980[26] and finally promulgated in 1986.
The Congress believed that rules governing the taxation of jointly held property between spouses were unnecessarily complex.
In view of the unlimited marital deduction adopted by the Act, the taxation of jointly held property between spouses will be relevant only for determining the basis of property to the survivor.
2518 regulations now allow a joint tenant to disclaim jointly held property not unilaterally severable on the same basis as joint property unilaterally severable.