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life tenant

   Also found in: Dictionary/thesaurus, Legal, Wikipedia 0.04 sec.
life tenant
A person entitled to the use of or the income from an asset during his or her lifetime. As an example, a person may stipulate in a will that all of his or her assets are to go to a charity but that the surviving spouse, designated as life tenant, is to have the use of the income from the deceased's estate for his or her lifetime, following which the remainder of the assets in the estate are to pass to the charity.
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1014(b)(9), which allows the heirs to take the property with a stepped-up basis equal to its FMV at the lime of the life tenant's death if the life tenant retains his interest in the property at death (Sec.
Transferring the personal residence: income and transfer tax planning ... by Belkin, Eileen W. / The Tax Adviser
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