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.
McGraw-Hill Dictionary of Architecture and Construction. Copyright © 2003 by McGraw-Hill Companies, Inc.
References in periodicals archive ?
Instead, the reporting of the income and expenses related to the tenancy-in-common property would be done directly on the owner's personal return, avoiding the need for additional tax preparation fees and, likely, fees various taxing authorities assess to business entities.
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).
Real estate left directly to multiple family members automatically results in a tenancy-in-common ownership, unless otherwise specified.
Tenancy-in-Common interest is considered like-kind property for purposes of a Sec.
Tenancy-in-Common (TIC) allows two or more persons to have an undivided, fractional interest in a property asset.
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.
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.
The interest was acquired from The Gale Company and Principal Real Estate Investors, and is held as a tenancy-in-common interest.
10, 2003, A sells a 50% tenancy-in-common interest in his residence to his friend, C, for $305,000.