Tenants in common


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Tenants in common

Account registration in which two or more individuals own a certain proportion of an account. Each tenant's proportion is distributable as part of the owners estate, so that if one of the account holders dies, that owner's heirs are entitled to that proportional share of the account.

Tenants in Common

Two or more persons who own property together with no rights of survivorship. That is, when one of the co-owners dies, his/her share of the property becomes part of his/her estate and passes on to heirs. Tenants in common may own equal or unequal shares of the property. This is an arrangement common in joint business ventures: if two persons own an apartment complex and one of them dies, the decedent's share of the complex passes to his/her beneficiaries and does not pass to the other co-owner.
References in periodicals archive ?
The tenants in common who want to do a like-kind exchange must combine their interests to "purchase" the new property.
Another option is that the partner or tenant in common who wants cash can have his interest purchased by the other partners or tenants in common prior to the like-kind property exchange.
Joint tenants and tenants in common: Taxpayers living in common-law states may own property with a spouse either as joint tenants (tenants by the entirety) or as tenants in common.
Taxpayers who hold property as tenants in common own it according to their initial contributions to its acquisition; thus, if the decedent spouse contributed one-third of the purchase price of a residence, only one-third of its value is included in his estate and receives an FMV basis.
Tenants in common: If D and K lived in a common-law state and owned the property as tenants in common, only D's portion of the residence would receive a new basis.