Equitable owner

Equitable owner

The beneficiary of a property held in a trust.
References in periodicals archive ?
1995-420, the Tax Court sided with the IRS, denying the taxpayer's mortgage interest deduction claim as equitable owner and holding that the taxpayer had failed to provide evidence establishing equitable or legal ownership.
Taxpayers considering alternative financing for which someone else is the legal obligor should be careful to structure a written, enforceable agreement that clearly identifies them as the equitable owner of the property and assigns to them the corresponding burdens and benefits.
Charity is the equitable owner of the vehicles until they were sold, and bears the risk of accidental loss, damage or destruction.
It is noteworthy that, in the case in this ruling, Charity remains the equitable owner, bears the risk of loss, and receives more or less money depending on the sales price.
Since this was more than two years after Five Forks' option expired, the court concluded that Five Forks was not the equitable owner of an interest in the land at the time of the condemnation.
The charity will be the equitable owner of the vehicles until sold, and will bear the risk of accidental loss, damage or destruction.
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 court rejected both arguments, holding Njenge and Rachel were the equitable owners of the property since, from the date of acquisition, the taxpayers were the only ones who enjoyed the benefit and bore the burden of the home.
The taxpayer bore the benefits and burdens of ownership under state law, making him its equitable owner, and his intention to live in the home after renovating it met the credit's requirement, the court held.
1990)) to effect a change of ownership making a purchaser the property's equitable owner where the seller retained only "bare legal title, more in the nature of security to guarantee payment than anything else," a situation similar to that of the instant case, the Tax Court held.
It held the process of construction began when the existing home was demolished, because the Roses, as equitable owners of the property prior to closing, caused the demolition to take place.