Equitable owner

Equitable owner

The beneficiary of a property held in a trust.
References in periodicals archive ?
Alternatively, the partnership argued that it was the equitable owner of the buildings for tax purposes and therefore was eligible for deductions relating to the buildings.
Similarly, references to the beneficial owner may be ambiguous insofar as they fail to distinguish the beneficial interest of the absolute owner from that of the equitable owner under a trust.
The cases do not stand for the proposition that a lessee found to be the equitable owner of the underlying realty must pay ad valorem taxes in lieu of the intangible tax.
He said: "He had no idea how bad just how bad things were until he actually saw the papers coming through in this case." He said Pearce was misled by its "equitable owner" and was put under great pressure.
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.
The court's ruling renders Nokia the equitable owner of 7.5% of Telsim's stock as a result of the Uzans' frauds.
Charity is the equitable owner of the vehicles until they were sold, and bears the risk of accidental loss, damage or destruction.
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.
Secondly, the human holder of legal title will, like a traditional trustee, have obligations to the equitable owner of the animal, that is the animal himself.
In explaining its conclusion that such a vested right to a patent existed, the Supreme Court, in Benson, said, "When the price is paid, the right to a patent immediately rises." The Benson decision clearly explained that a party who has complied with all the terms and conditions that entitle him or her to a patent for a particular tract of public land acquires a vested interest therein and is to be regarded as the equitable owner thereof [citing 145 U.S.
However, regulations section 1.163-1(b) provides, "Interest paid by the taxpayer on a mortgage upon real estate of which he is the legal or equitable owner, even though the taxpayer is not directly liable upon the bond or note secured by such mortgage, may be deducted as interest on his indebtedness." This regulation would 'allow an interest deduction for a nonrecourse mortgage, or where the property was acquired "subject to" an existing mortgage.
1.163-1(b) provides that interest the taxpayer paid on a mortgage upon real estate of which he or she is the legal or equitable owner, even though the taxpayer is not directly liable upon the note secured by that mortgage, may be deducted as interest on the debt.