tenancy in common

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tenancy in common

Ownership of property by two or more persons, each of whom may freely transfer his interest; the death of one tenant does not transfer his rights to the other or others.
References in periodicals archive ?
Tenancy-in-common interests need not be equal--typically, they're in proportion to an owner's capital contribution--and there's no right of survivorship (unless the parties agree otherwise).
Tenancy-in-Common interest is considered like-kind property for purposes of a Sec.
In another tax planning strategy, the former partners of a liquidated partnership hold their relinquished property tenancy-in-common interests for an extended period before exchanging them for the replacement property.
Even if the partnership or LLC held the real estate for business or investment purposes, the IRS might argue that individual owners who exchanged their tenancy-in-common interests failed to meet the "held for" requirement because they held the property for sale.
Then, those who want a sale may sell and those who want to exchange may do an exchange with their tenancy-in-common interests.
10, 2003, A sells a 50% tenancy-in-common interest in his residence to his friend, C, for $305,000.
The interest was acquired from The Gale Company and Principal Real Estate Investors, and is held as a tenancy-in-common interest.
a person who divides a single interest in property into multiple co-ownership interests with the intention of offering the interests for sale) "packaged" tenancy-in-common interests in rental real estate and marketed them to a taxpayer as eligible replacement property under Sec.
2002-22, issued in 2002, the IRS provides ruling standards for determining whether a real estate ownership arrangement constitutes a tenancy-in-common, an interest that is eligible to serve as replacement property in a like-kind exchange.