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Equitable owner

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Equitable owner
The beneficiary of a property held in a trust.


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163-1(b) permits a deduction for interest paid on a mortgage when a taxpayer is the legal or equitable owner of the property, even though the taxpayer is not directly liable for the mortgage.
The charity will be the equitable owner of the vehicles until sold, and will bear the risk of accidental loss, damage or destruction.
 
 
 
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